Power Finance Corp board did not discuss Shapoorji Pallonji Group loan

In its statement, SP Group stated that the value of the provided security structure is in excess of six times the loan value and that it will ensure the complete repayment of the loan over the tenor. The group worked with PFC for the last nine months to formalise this “unique proposal,” which was validated by reputed third-party consultants. Besides, as of March 2024, PFC has sanctioned about Rs 82,000 crore to the infrastructure sector. The corporation has played a vital role in financing the industry. The corporation also announced its quarterly financial results in today’s board meeting. It reported a net profit of Rs 7,182.06 crore, 20 per cent more than what it was during the same period of the last financial year. The total income stood at Rs 24,736.68 crore, compared to Rs 21,017.81 crore in Q1 FY24. The state-owned firm also declared an interim dividend of Rs 3.25 per equity share (subject to deduction of TDS) on the face value of the paid-up equity shares of Rs 10 each for FY 2024-25.