PFC’s Rs 50 billion bonds issue over-subscribed

Power Finance Corporation’s (PFC) Rs 50 billion taxable non-convertible debentures (NCDs) issue was subscribed close to nine times and closed for subscription 11 days ahead of the schedule. …

The first tranche of Rs 50 billion, including Rs 45 billion green-shoe option, opened for subscription on January 15, 2021 and was scheduled to close on January 29, 2021. The issue had to be closed on January 18, 2021, the second day of trading, due to over-subscription on the Bombay Stock Exchange (BSE). According to the BSE data, subscribers applied for 44,776,348 bonds or NCDs of Rs 1,000 each against 5 million bonds (with 45 million NCDs under green-shoe option) on the offer. Thus, PFC received subscription worth Rs 44.77 billion against Rs 5 billion base issue size of NCDs on offer (with green-shoe option of Rs 45 billion).

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