 "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.