PFC RAISES Rs 4,477 CR VIA NCD PUBLIC ISSUE, CLOSES OFFER EARLY

Power Finance Corp Ltd has raised Rs 44.77 bn through the public issue of non-convertible debentures, subscription figures showed.

Earlier, the state-owned entity had said that it would close the offer for subscription on Jan 29 but it later changed the closure date to Monday.

The issue had a base size of 5 bln rupees and a greenshoe option of Rs 45 bn. The company had offered bonds with maturity of three years, five years, 10 years, and 15 years at coupons in the range of 4.65-7.15%.

The bonds are rated 'AAA' by CRISIL, CARE and ICRA. On Jan 15, the first day, the issue was subscribed 93%, and was subscribed 90% Monday. The company received bids totalling Rs 46.58 bn, against the total issue size of Rs 50 bn.

"The application for bidding of some high net worth individuals has been cancelled. Nearly 300-400 crores (Rs 3-4 bn) worth of applications have been cancelled," a person aware of the matter said.

The portion earmarked for retail investors was subscribed 0.25 times compared with 0.18 times on Friday, and that reserved for high net worth individuals was subscribed 1.92 times Monday against 2.11 times on the opening day.