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Govt sets Power Finance offering base price at Rs 254/share

The government has set the base price for the offering of shares in state-run Power Finance Corp Ltd at Rs 254 a share, the company said on Saturday, a discount of 2.1 percent from Friday`s close.

Mumbai: The government has set the base price for the offering of shares in state-run Power Finance Corp Ltd at Rs 254 a share, the company said on Saturday, a discount of 2.1 percent from Friday`s close.

The share auction will be conducted on Monday to sell the government`s 5 percent stake in the company.

The Power Finance share offering is part of the government`s budget target to raise as much as USD 11 billion from the divestment of its stakes in state-run companies.

The government has missed its divestment target for each of the past five years.