State-run Power Finance Corporation’s (PFC) has set the issue price for its follow-on-public offer (FPO) at the upper end of the price range i.e. at Rs 203 a share. PFC had set price band of Rs 193-203 per share for the share sale. Retail investors will be getting 5% discount.
The FPO has been subscribed 4.34 times. The FPO got bids for 99.54 crore shares compared with 22.95 crore shares on offer. The company’s FPO comprised a fresh issue of 17.21 crore equity shares and an offer for sale of 5.73 crore equity shares by the government. The qualified institutional buyers (QIBs) category was subscribed 6.92 times. Non institutional investors’ category was subscribed 1.2 times, retail individual investors (RIIs) category was subscribed 2 times and employee reservation category was subscribed 0.91 times.
The PFC’s FPO was a part of the government's disinvestment programme to raise Rs 40,000 in the year ending March 2012. The company intends to utilize the FPO proceeds to augment its capital base to ensure compliance with requisite capital adequacy norms and for future capital requirements.
| Company Name | CMP |
|---|---|
| Power Finance Corp | 413.50 |
| REC | 336.55 |
| Indian Railway Fin. | 93.31 |
| NHIT | 160.00 |
| Satin Creditcare | 220.00 |
| View more.. | |
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