MUMBAI: The intial public offering of Power Finance Corporation, a leading power sector public financial institution, has been oversubscribed 65.89 times, although the number of shares bid at the cut-off price of Rs85 have been quite low. The issue received bids for7,73,04,89,760 shares as against the offer size of 11,73,16,700 shares.Bids for 18,81,69,680 shares were received at cut-off price.
The 100% book building issue was priced between Rs73 and Rs85.
25,00,000 equity shares are reserved for subscription by the employees of the company, and 11,48,16,700 shares are on offer for the public.
The issue would constitute 10.22% of the fully diluted post-issue capital of the company, and the money would be used to augment the company’s capital base to meet the future capital requirements arising out of growth in the company’s assets.