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State-owned Power Finance Corporation (PFC) announced that it has received its shareholders’ approval for raising up to Rs. 65,000 crores through the issuance of debentures on private placement basis.
PFC said in a BSE filing, the shareholders approved the proposal to raise up to Rs 65,000 crore through issuance of debentures, bonds, notes or debt securities by way of private placement in domestic and international markets at its annual general meeting held on September 11, 2018.
According to a PTI report the government is also considering to sell off its 65.61 per cent stake in state-owned Power Finance Corporation (PFC) to Rural Electrification Corporation (REC), which could fetch the exchequer about Rs 13,000 crore.
State-owned Power Finance Corp. had earlier this month filed an insolvency plea against Rattan India Power Ltd., formerly known as Indiabulls Power, in the National Company Law Tribunal to recover unpaid loans.
Rattan India has defaulted on loans to the tune of Rs 20,000 crore. A two-member bench of NCLT Tuesday adjourned the matter to Nov. 26 as the Supreme Court has ordered a status quo in insolvency pleas against power companies.
