PFC FPO gets 4.32 times more subscription

The follow-on public offer (FPO) of state-run Power Finance Corporation (PFC) was oversubscribed by 4.32 times on the final day of the issue on Friday. The Navratna financial institution, which plans to raise around Rs 4,700 crore through the FPO, received bids for 99.12 crore shares as against 22.96 crore shares on offer, according to data available with the NSE.

The major support was seen from qualified institutional buyers with their reserved portion getting subscribed nearly seven times till Thursday. The price band for the offer has been fixed at Rs 193-203 per share.

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