Power Finance Corporation Ltd. is an Indian financial institution. Established in 1986, it is the financial back bone of Indian Power Sector. Net worth of the company in the year 2007-2008 was 8688 Crore Indian Rupees. Initially wholly owned by the Government of India, the company issued an Initial Public Offering in January, 2007. The issue was oversubscribed by over 76 times, which is one of the largest for an IPO of any Indian Company in recent times. PFC is listed on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE). The company has been conferred with many prestigious awards, the latest of which is 'KPMG-Infrastructure Today Award 2008' for its contribution in development of power sector. It is also an ISO 9001: 2000 certified company and enjoys the status of Navratna Company in India. On the 6th of December 2018, the Government of India approved PFC's takeover of REC.