India’s Power Finance Corporation priced its share sale at 203 rupees a share, the top end of the price range, the company said on Saturday.
The company’s share sale to raise upto $1 billion was subscribed 4.3 times on its last day, with the strong show likely to improve prospects for upcoming share sales amid a volatile equity market. Retail investors and eligible employees will get a further 5 percent discount on the issue price, the company said in a statement.
Power Finance, a lender to power projects, is selling 15 percent in fresh equity shares through the offer, while the Indian government will divest a 5 percent stake in the firm.
The offer is part of the Indian government’s plan to raise $8.9 billion through share sales in public sector firms this fiscal year (April-March) to cut a high fiscal deficit and garner funds for schemes for the poor.