Government Seeks Bids From Banks to Manage PFC, REC Share Sale

Mumbai: The government on Monday invited bids from investment banks to manage planned share sales in state-run Power Finance Corp Ltd (PFC) and Rural Electrification Corp Ltd (REC), which could raise a combined $515 million (Rs 3,090 crore at 1 dollar = 60 rupees). The government, which owns 72.8 per cent in PFC and 65.64 per cent in REC, plans to sell 5 per cent in each, the Finance Ministry's divestment department said in a no...