Power Finance Corporation fixed the price for its follow-on public offer at Rs 203 per share, at the upper end of the price band , raising about Rs 4,650 crore through the issue.The retail investors and employees are given a discount of 5 per cent.
The follow-on public offer (FPO) of the public sector firm was oversubscribed by 4.32 times. The navratna public sector undertaking received bids for 99.12 crore shares as against 22.96 crore shares on offer.
Earlier, the price band for the offer had been fixed at Rs 193-203 per share. The FPO began on May 10. The offer comprised issue of about 172,165,005 fresh equity and sale of around 57,388,335 shares by the government, which has 89 per cent stake in the company.The company plans to use the proceeds to mainly boost its capital base.