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PFC soars as its arm incorporates wholly owned subsidiary
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Power Finance Corporation is currently trading at Rs. 458.55, up by 4.65 points or 1.02% from its previous closing of Rs. 453.90 on the BSE.
The scrip opened at Rs. 451.00 and has touched a high and low of Rs. 460.55 and Rs. 450.75 respectively. So far 18756 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 464.80 on 05-Feb-2024 and a 52 week low of Rs. 108.88 on 14-Feb-2023.
Last one week high and low of the scrip stood at Rs. 464.80 and Rs. 439.35 respectively. The current market cap of the company is Rs. 149791.62 crore.
The promoters holding in the company stood at 55.99%, while Institutions and Non-Institutions held 35.33% and 8.67% respectively.
Power Finance Corporation’s (PFC) wholly owned subsidiary -- PFC Consulting has incorporated Special Purpose Vehicle (SPV) as its wholly owned subsidiary (WOS) namely Bhadla-III & Bikaner-III Transmission for development of ‘Transmission system strengthening for interconnections of Bhadla III & Bikaner-III complex’.
PFC Consulting has been nominated as the 'Bid Process Coordinator' (BPC) for selection of developer through tariff based competitive bidding for the Independent Transmission Projects (ITPs) by Ministry of Power, Government of India.
As per the provisions of tariff based competitive bidding Guidelines issued by the Ministry of Power, the BPC has to prepare the project profile and initiate the process of land acquisition and forest clearance, if required. For these activities, a SPV is required to be incorporated which will take up various preparatory activities of the transmission projects e.g. survey and preparation of report, initialization of the process of acquisition of land and also initiate the process of seeking forest clearance, if required. The SPV has to be transferred to the Successful Bidder selected through International competitive Bidding Process under Tariff Based Competitive Bidding Guidelines for Transmission Service issued by Ministry of Power.
Power Finance Corporation is central PSU under Ministry of Power and India's leading NBFC.
