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    PFC   INE134E01011

POWER FINANCE CORPORATION LIMITED

(PFC)
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Delayed NSE India Stock Exchange  -  05/19 07:16:37 am EDT
107.95 INR   -1.05%
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PFC, REC Reportedly May Bid for Stressed Assets

01/21/2022 EDT

The two dedicated power sector financiers Power Finance Corporation Limited (NSEI:PFC) and REC Limited (NSEI:RECLTD) are considering bidding for stressed power assets to prevent large haircuts on their loans during resolutions. The state-run companies propose to float a consortium of lenders and state-run power developers to acquire and operate such stressed assets, sources in the government said. "The lenders have incurred large haircuts in the past resolution processes for even good projects, which are nearly commissioned, have power purchase agreements and assured coal supplies. The two companies are looking at bidding for the stressed projects during resolution," a senior official said. Another official said the companies are considering partnering with other central power sector entities for technical know-how to run the acquired projects."We are looking to participate in a consortium with other CPSEs in stressed asset resolution," he said. The two financiers PFC and REC have so far have stayed away from taking over power projects or assets. "However, as there are only a few bidders each time for power plants and as the interest in coal-based generation diminishes, there could be further deterioration in their valuations. Hence, both lenders are mulling these opportunities to prevent losses," the official quoted first said. While most of the 34 identified stressed assets in the power sector have been resolved, the two lenders propose to save key projects including Lanco Amarknatak and KSK Mahanadi from severe undervaluation. NTPC's bid for Avantha Group's 600-Mw Jhabua plant is by far the highest on a per-megawatt basis under stressed asset resolutions in the power sector. PFC and REC have also discussed the possibility of setting up an assets management company to takeover viable projects through bidding or change of management route. However, that plan has been dropped now.


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All news about POWER FINANCE CORPORATION LIMITED
05/13Power Finance Transfers Khetri-Narela Transmission Project to Power Grid
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Financials
Sales 2022 152 B 1 961 M 1 961 M
Net income 2022 97 563 M 1 259 M 1 259 M
Net Debt 2022 - - -
P/E ratio 2022 2,92x
Yield 2022 11,3%
Capitalization 285 B 3 667 M 3 679 M
Capi. / Sales 2022 1,88x
Capi. / Sales 2023 1,74x
Nbr of Employees 483
Free-Float 40,6%
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Number of Analysts 0
Last Close Price 107,95
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Managers and Directors
Ravinder Singh Dhillon Chairman & Managing Director
Parminder Chopra Executive Director-Finance
Manohar Balwani Secretary & Compliance Officer
R. C. Mishra Independent Director
Prasanna Tantri Independent Director