The second CPSE disinvestment for the fiscal year 2015-16 was successfully completed today with the Power Finance Corporation (PFC) OFS getting fully subscribed. On offer was 5% paid up capital of the company comprising 6,60,02,035 shares, each of face value of Rs. 10. Out of the shares offered for sale, 20% were reserved for retail investors i.e. those investors who placed bids for shares of total value of not more than Rs. 2 lakh. In addition a 20% discount was also offered to retail investors.
With this disinvestment, the GOI shares in PFC will come down to 67.80%. At the end of the day with total subscription of Rs. 3747 crores the issue stood oversubscribed by 233%. The highlight of the issue has been the retail investor participation with 449% oversubscription amounting to Rs. 1510 crores. This was the first CPSE disinvestment under the new SEBI Rules allowing the Notice Period to include banking day in addition to a trading day. Clearly there is tremendous appetite amongst retail investors for the disinvestment programme of the Government of India.
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