India’s state-run Power Finance will raise about $1 billion in a share sale, Reuters reports. The lender to power projects, which has fixed the price band for its offering at $4.3-4.5 a share, is selling about 230 million shares.
Bank of America, Goldman Sachs, ICICI Securities and JM Financial are managing the deal, adds Bloomberg. The financial institution intends to use the proceeds to expand its capital base.
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