Power Finance FPO fully subscribed

State-run Power Finance Corporation Ltd's up to USD 1 billion share sale was fully covered by afternoon on Thursday, the third day of the offer.

The offer was covered 1.5 times of the total shares on offer by 1.30 p.m, stock exchange data showed. The institutional portion of the offer, which closes on Thursday, received bids for nearly 2.7 times the shares on offer, data showed. The offer for other investors closes on Friday. Power Finance, a lender to power projects, has fixed the price band at Rs 193 to Rs 203 a share for its offering. The offer is part of the 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.