Indian state-run Power Finance Corporation Ltd will launch on May 10 a share sale to raise up to $1.2 billion, the biggest equity issue so far this year, four sources with direct knowledge of the matter said on Tuesday.
The follow-on issue will close on May 12 for institutional investors and a day later for retail bidders, said the sources, who declined to be named as the information was not public yet.
Power Finance Chairman and Managing Director Satnam Singh did not respond to calls from Reuters seeking comment.
Power Finance, a lender to power projects, plans to sell 15 percent fresh equity shares while the Indian government will divest 5 percent stake in the firm, the company has said in its prospectus filed with the regulators.
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