 "Power Finance Corporation extends fall post stake sale")
Shares of Power Finance Corporation (PFC) dipped 3.5% to Rs 245, extending their previous day’s 2% fall on the BSE.
The stock has fallen below its floor price of Rs 254 per share fixed by the government for non-retail portion for divestment of 5% stake in the company via offer-for-sale (OFS) on Monday, July 27, 2015.
Retail Investors will be allocated offer shares at a discount of 5% to the cut-off price in accordance with the Securities and Exchange Board of India SEBI OFS circulars, PFC said in a statement.
The issue garnered Rs 1,676 crore and saw good response from both the retail and institutional investors. According to data from the exchanges, the issue received bids for 154 million shares against the 66 million shares that were on offer.
The retail portion was oversubscribed by 4.49 times and non-retail portion by 1.8 times, the BSE data shows.
At 10:47 AM, the stock was down 3% at Rs 247 on the BSE. The trading volumes on the counter surged more than five-fold, with a combined 6.4 million shares changing hands on the BSE and NSE.
Retail Investors will be allocated offer shares at a discount of 5% to the cut-off price in accordance with the Securities and Exchange Board of India SEBI OFS circulars, PFC said in a statement.
The issue garnered Rs 1,676 crore and saw good response from both the retail and institutional investors. According to data from the exchanges, the issue received bids for 154 million shares against the 66 million shares that were on offer.
The retail portion was oversubscribed by 4.49 times and non-retail portion by 1.8 times, the BSE data shows.
At 10:47 AM, the stock was down 3% at Rs 247 on the BSE. The trading volumes on the counter surged more than five-fold, with a combined 6.4 million shares changing hands on the BSE and NSE.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%