PFC issue subscribed 94%, may close on Mon

NEW DELHI: State-run Power Finance Corporation's Rs 5,000 crore taxable non-convertible debentures issue was subscribed 94 per cent on the first day on Friday and is likely to close on Monday, a source said.

Power Finance Corporation (PFC) has planned to raise Rs 10,000 crore through bonds in two tranches.

The first tranche of Rs 5,000 crore opened for subscription on Friday and was scheduled to close on January 29.

"The PFC bond issue has got overwhelming response and subscribed for an amount of Rs 4,700 crore or 94 per cent on first day of opening on Friday," the source said.

The source further said only Rs 300 crore of bonds for retail investors are left which would be easily subscribed on Monday (January 18).

Earlier on Thursday, Power Finance Corporation Chairman R S Dhillon had told reporters that the issue would be allotted on firstcome-first-serve basis and in case of oversubscription, the allotment would done proportionately.