Power Finance share sale covered 3.6 times on day 3

State-run Power Finance Corporation's up to USD 1 billion share sale was covered 3.6 times on Thursday, the third day of the offer, stock exchange data showed.

May 13, 2011 / 14:17 IST

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State-run Power Finance Corporation's up to USD 1 billion share sale was covered 3.6 times on Thursday, the third day of the offer, stock exchange data showed.

The institutional portion of the offer closed on Thursday. The offer closes on Friday for other investors.

Power Finance, a lender to power projects, had fixed the price band at Rs 193 to Rs 203 a share for its offering.

The offer is part of the Indian government's plan to raise USD 8.9 billion through share sales in public sector firms in this fiscal year, to cut high fiscal deficit and garner funds for welfare schemes.

first published: May 13, 2011 08:56 am

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