State-owned Power Finance Corporation (PFC) will seek shareholders’ approval for the issuance of bonus shares by capitalising up to Rs 660.02 crore in its securities premium account.
PFC has proposed to issue bonus shares by capitalising securities premium accounts to the extent that each shareholder is entitled to a new equity share of Rs 10 each for every four equity shares of Rs 10 each.
The proposal has been listed for the Annual General Meeting (AGM) scheduled on September 12, according to the agenda of the meeting.
PFC’s board, at its meeting on August 11, recommended issuing of bonus shares to shareholders in the proportion of 1:4 by capitalising Rs 6,60,02,03,520 in the securities premium account.
The company will also seek shareholders’ approval for the appointment of Parminder Chopra as its Chairman and Managing Director (CMD).
Pursuant to the Ministry of Power order on August 14, 2023, the board of directors, on the recommendation of the Nomination and Remuneration Committee, appointed Chopra as the CMD with immediate effect.
Chopra’s appointment on the board of the company requires shareholders’ approval, as per Sebi regulations.
Infrastructure financing firm Power Finance Corp Ltd (PFC) provides financial products and related consultancy services. It provides short-term loans, equipment lease financing, direct bill discounting, term loans for projects, and other services.
Takeout financing, asset acquisition, a credit facility for the purchase of electricity through a power exchange, refinancing of the debt of commissioned projects along with additional corporate loans for new-expansion-acquisition of projects, financial support for distribution franchisees, among other services, are among its offerings.
