Power Finance Corp. Declares Dividend, Board Approves Fundraise
The board has also approved to change the name to PFC Ltd. from Power Finance Corp.
Power Finance Crop. has declared fourth interim dividend. In addition to dividend declaration, its board approved to raise funds via domestic and foreign currency borrowing and name change for the company.
The company will give away Rs 3.50 per equity share with the face value of Rs 10 for the financial year 2025, it said in the exchange filing. The record date to ascertain the eligibility of shareholder for dividend payment is set as March 19. The dispatch of aforementioned dividend amount will be on or before April 11.
In the long-term borrowing space, Power Finance Corp. intends to raise Rs 1 lakh crore in domestic currency via capital gain bonds, debentures or other debt securities issuance or other instruments, the exchange filing said.
It will raise Rs 20,000 crore in foreign currency through various instruments like term loans, foreign currency non-resident loans from multilateral agencies. The company can also consider raising the amount via bonds, notes, green bonds or other instrument for raising foreign currency borrowings, the exchange filing said.
Power Finance Corp. will raise Rs 15,000 on short-term basis through various instruments. The company may consider foreign currency borrowing for this amount as well.
The board has also approved to change the name to PFC Ltd. The name change is subjected to the approval of Registrar of Companies, NCT of Delhi and Haryana.
Power Finance Corp. Share Price
Power Finance share price declined 2.63% to Rs 388.90 apiece. It was trading 1.31% lower at Rs 394.15 apiece as of 1:35 p.m., as compared to a 0.36% decline in the NSE Nifty 50.
The stock declined 8.13% in 12 months. The relative strength index was at 49.70.
Twelve analysts tracking the company maintain a 'buy' rating, according to Bloomberg data. The average 12-month analysts' consensus price target implies an upside of 42.2%.
