PFC follow-on offer subscribed 3.6 times on QIB support

State-run Power Finance Corporation' follow-on public offer, which closes today, has received good response from qualified institutional investors on Day 3. The issue has been subscribed 3.6 times so far, according to data showed on National Stock Exchange.

Issue has received bids for more than 82 crore equity shares as against issue size of 22.95 crore shares. Reserved portion of qualified institutional buyers (QIBs), which closed on May 12, was subscribed 6.92 times.

QIBs put in bids for more than 79 crore shares as against their portion of 11.46 crore shares. India's largest insurance company LIC subscribed for Rs 4600 crore worth of shares and ICICI Pru Life applied for shares worth Rs 875 crore.

ICICI Prudential MF subscribed for shares worth Rs 500 crore and Merill Lynch & GS p-note Rs 700 crore each. Reliance MF put in bids for Rs 450 crore worth of shares, HDFC MF Rs 300 crore, Standard Pacific for Rs 900 crore and GMO for Rs 170 crore. 

Birla MF participated in the issue by subscribing for share worth Rs 126 crore and Birla Life for Rs 200 crore. Bank too stepped in to get a small chunk - ICICI Bank subscribed for Rs 700 crore worth of shares, Axis Bank for Rs 500 crore and SBI Rs 200 crore.

Reserved portion of retail and non-institutional investors remain undersubscribed.

Power Finance, a leading financial institution in India focused on the power sector, has fixed the price band at Rs 193 to Rs 203 a share for its offering.