PFC Rs 50 billion bonds issue over-subscribed, closed 11 days ahead of schedule

The Power Finance Corporation Limited’s Rs 50 billion taxable NCDs issue was oversubscribed close to nine times and closed for subscription 11 days ahead of schedule. The first tranche of Rs 50 billion, including Rs 45 billion greenshoe option, opened for subscription on January 15, 2021 and was scheduled to close on January 29, 2021. The issue had to be closed on January 18, 2021, the second day of trading, due to oversubscription on the Bombay Stock Exchange (BSE). According to BSE data, subscribers applied for 44,776,348 bonds or NCDs of Rs 1,000 each against 5 million bonds (with 45 million NCDs under the greenshoe option) on the offer. Thus, PFC received subscription worth Rs 44.77 billion against the Rs 5 billion base issue size of NCDs on offer (with a greenshoe option of Rs 45 billion).