PFC IPO Details

Issue Open Jan 31, 2007
Issue Close Feb 6, 2007
IPO Price ₹85
Face Value ₹10
IPO Size ₹997.19 Cr
Listing At BSE, NSE
IPO Lot Size 80

POWER FINANCE CORPORATION LIMITED
(A Govt. of India Undertaking)
(Incorporated on July 16, 1986 under the Companies Act, 1956 as a public limited company)
Regd. Office: 'Urja Nidhi", 1, Barakhamba Lane, Connaught Place, New Delhi 110 001.
Contact Person: Mr. J.S. Amitabh, Company Secretary,
Tel: +91 11 23456000. Fax: +91 11 23412545.
E-mail: ipo@pfcindia.com. Website: www.pfcindia.com

BASIS OF ALLOTMENT

PUBLIC ISSUE OF 11,73,16,700 EQUITY SHARES OF RS. 10 EACH FOR CASH AT A PRICE OF RS. 85 PER EQUITY SHARE (INCLUDING SHARE PREMIUM OF RS. 75 PER EQUITY SHARE) AGGREGATING TO RS 99,719.19 LACS (THE ISSUE"). THE ISSUE COMPRISED A RESERVATION OF UP TO 25,00,000 EQUTY SHARES FOR SUBSCRIPTION BY EMPLOYEES AND A NET OFFER TO THE PUBLIC OF 11,48,16,700 EQUITY SHARES OF RS.10 EACH FOR CASH AT A PRICE OF RS.85 PER EQUITY SHARE. THE ISSUE CONSTITUTES 10.22% OF THE FULLY DILUTED POST ISSUE PAID-UP CAPITAL OF POWER FINANCE CORPORATION LIMITED. ("COMPANY" OR "ISSUER").

THE FACE VALUE PER EQUITY SHARE IS RS.10. THE ISSUE PRICE PER EQUITY SHARE IS RS. 85
WHICH IS 8.5 TIMES THE FACE VALUE.

The Issue was made through the 100% Book Building Process wherein at least 50% of the net Issue was to be allocated on a proportionate basis to Qualified Institutional Buyers ("QIBs") (including 5% of the QIB portion that was to specifically be allotted to mutual funds), further, up to 15% of the Issue was available for allocation on a proportionate basis to Non-Institutional Bidders and up to 35% of the Issue was available for allocation on a proportionate basis to Retail Bidders, subject to valid bids being received at or above the Issue Price.

The Issue received 6,24,609 applications for 905,24,72,775 Equity Shares resulting in 77.16 times subscription. The details of the applications received in the Issue from Qualified Institutional Buyers, Non-Institutional Investors, Retail Individual Investors and Employees (Before technical rejections) are as under:

Category No. of Applications No. of Shares Subscription (No. of Times)
Qualified Institutional Buyers 443 7873291280 137.14
Non Institutional Investors 2017 836172380 48.55
Retail Individual Investors 621853 340091465 8.46
Employees 296 2917660 1.17

Final Demand
A sample of the final demand at different bid prices is as under

Bid Price No. of Shares % to Total Cumulative Total Cumulative % to total
73 1256320 0.01 9060782000 100.00
74 48320 0.00 9059525680 99.99
75 329520 0.00 9059477360 99.99
76 7040 0.00 9059147840 99.98
77 15120 0.00 9059140800 99.98
78 42720 0.00 9059125680 99.98
79 522400 0.01 9059082960 99.98
80 31778480 0.35 9058560560 99.98
81 9920 0.00 9026782080 99.62
82 28000 0.00 9026772160 99.62
83 56800 0.00 9026744160 99.62
84 11040 0.00 9026687360 99.62
85 & Cut Off Price 9026676320 99.62 9026676320 99.62
9060782000 100.00

The Basis of Allocation was finalized in consultation with the National Stock Exchange of India Limited ("NSE") on February 19, 2007.

A. Allocation to Employees (After Technical Rejections)
The Basis of Allocation to Employees, who have bid at cut-off or at the Issue Price of Rs. 85 per Equity Share, was finalized in consultation with the NSE. The category was over subscribed 1.17 times. The total number of shares allotted in this category is 2500000 Equity Shares to 296 successful applicants. The category-wise details of the Basis of Allotment (Sample) are as under:

Category No. of Applications %to Total Total No. of Equity Shares applied %to Total No. of Equity Shares Allocated Ratio Total No. of Equity Shares allocated
160 1 0.34 160 0.01 137 FIRM 137
480 2 0.68 960 0.03 412 FIRM 824
800 3 1.01 2400 0.08 685 FIRM "2055
960 3 1.01 2880 0.10 823 FIRM 2469
1040 2 0.68 2080 0.07 891 FIRM 1782
5040 2 0.68 10080 0.35 4319 FIRM 8638
10000 13 4.39 130000 4.46 6569 FIRM 111397
20000 1 0.34 20000 0.69 17137 FIRM 17137
23040 1 0.34 23040 0.79 19742 FIRM 19742
23200 1 0.34 23200 0.80 19879 FIRM 19879
23520 1 0.34 23520 0.81 20154 FIRM 20154
24960 1 0.34 24960 0.86 21387 FIRM 21387
25520 1 0.34 25520 0.87 21867 FIRM 21867
25680 1 0.34 25680 0.88 22004 FIRM 22004
26000 2 0.68 52000 1.78 22278 FIRM 44556
26240 1 0.34 26240 0.90 22484 FIRM 22484
27120 1 0.34 27120 0.93 23237 FIRM 23237
29360 14 4.73 411040 14.09 25155 FIRM 352170

B. Allocation to Retail Individual Investor (After Technical Rejections)
The Basis of Allocation to the Retail Individual Investors, who have bid at cut-off or at the Issue Price of Rs.85 per Equity Share, was finalized in consultation with the NSE. The category was over subscribed 8.21 times. The total number of shares allotted in this category is 40185845 Equity Shares to 386023 applicants. The category-wise details of the Basis of Allotment are as under:

Category No. Of Applications %to Total Total No. of Equity Shares applied %to Total No. of Equity Shares Allocated Ratio Total No. of Equity Shares allocated
80 77793 12.95 6223440 1.89 80 1:08 777920
160 76984 12:82 12317440 3.73 80 1:04 1539680
240 55555 9.25 13333200 4.04 80 4:11 1616160
320 31536 5.25 10091520 3.06 80 18:37 1227360
400 37356 6.22 14942400 4.53 80 13:21 1850000
480 22909 3.81 10996320 3.33 80 8:11 1332880
560 111106 18.50 62219360 18.86 80 17:20 7555200
640 8812 1.47 5639680 1.71 80 FIRM 704960
720 3373 0.56 2428560 0.74 88 FIRM 296824
800 8330 1.39 6664000 2.02 97 FIRM 808010
ADDITIONAL 1 10:61 1367
880 2591 0.43 2280080 0.69 107 FIRM 277237
960 4644 0.77 4458240 1.35 117 FIRM 543348
1040 4621 0.77 4805840 1.46 127 FIRM 586867
1120 154912 25.80 173501440 52.59 136 FIRM 21068032

C. Allocation to Non Institutional Investors (After Technical Rejections)
The Basis of Allocation to the Non institutional Investors, who have bid at the Issue Price of Rs. 85 per Equity Share, was finalized in consultation with the NSE. The category was subscribed 48.18 times. The total number of shares allotted in this category is 17222505 Equity Shares to 1350 successful applicants. The category-wise details of the Basis of Allotment (Sample) are as under:

Category No. of Applications %to Total Total No. of Equity Shares applied %to Total No. of Equity Shares Allocated Ratio Total No. of Equity Shares allocated
1200 254 15.56 304800 0.04 80 9:29 6320
2000 38 2.33 76000 0.01 80 1:02 1520
10000 23 1.41 230000 0.03 208 FIRM 4784
20000 15 0.92 300000 0.04 415 FIRM 6225
50000 18 1.10 900000 0.11 1038 FIRM 18684
100000 15 0.92 1500000 0.18 2076 FIRM 31140
200000 19 1.16 3800000 0.46 4151 FIRM 78869
300000 5 0.31 1500000 0.18 6227 FIRM 31135
500000 7 0.43 3500000 0.42 10378 FIRM 72646
1000000 6 0.37 6000000 0.72 20757 FIRM 124542
2000000 1 0.06 2000000 0.24 41513 FIRM 41513
3600000 1 0.06 3600000 0.43 74723 FIRM 74723
5000000 2 0.12 10000000 1.21 103783 FIRM 207566
10000000 1 0.06 10000000 1.21 207565 FIRM 207565
12500000 1 0.06 12500000 1.51 259456 FIRM 259456
18000000 1 0.06 18000000 2.17 373616 FIRM 373616
42000000 2 0.12 84000000 10.12 871771 FIRM 1743542
47058800 1 0.06 47058800 5.67 976774 FIRM 976774
94117600 1 0.06 94117600 11.34 1953502 FIRM 1953502

D. Allocation to QIBs
Allocation to QIBs has been done on a proportionate basis in consultation with the NSE. As per the SEBI guidelines, Mutual Funds were Initially allotted 5% of the quantum of shares available (28,70,418) and other QIBs and unsatisfied demands of Mutual Funds were allotted the remaining available Equity Shares (5,45,37,932) on a proportionate basis.

Category Financial Institutions/Banks Mutual Funds Flls Venture Capital Funds Insurance Companies Total
No.of Equity Shares 3607957 10119256 39301972 12276 4366889 57408350

The Board of Directors of the Company at it's Meeting held at Hyderabad on February 19,2007 has approved the basis of allotment of Equity Shares in the Issue and has allotted the Equity Shares to various successful applicants.

The CAN-cum-Refund Orders and allotment advice and notices have been dispatched to the address of the investors as registered with the depositories. In case the same is not received within ten days, investors may contact at the Registrar to the Issue at address given below. The Refund Orders have been over-printed with the Bank Mandate details as registered, if any, with the depositories. The Equity shares allocated to successful applicants are being credited to their beneficiary accounts subject to validation of the account details with the depositories concerned. The company is taking steps to get the Equity Shares admitted for trading on the National Stock Exchange of India Limited and Bombay Stock Exchange Limited within seven working days from the date of approval of the basis of allotment.

INVESTORS PLEASE NOTE
This details of the allocation made would be hosted on the website of Registrars to the issue, Karvy Computershare Private Limited at www.karvy.com or http://kcpl.karvy.com
All future correspondence in this regard may kindly be addressed to the Registrars to the issue quoting full name of the First/ Sole applicant, Serial number of the bid-cum-application form, number of shares bid for, name of the Member of the Syndicate and Place where the bid was submitted and payment details at the address given below:

KARVY COMPUTERSHARE PRIVATE LIMITED
Unit PFC Plot No. 17 to 24,
Vitharao Nagar, Hitech City Road, Madhapur, Hyderabad 500 081.
Fax: 040-23420814, Email: pfc.ipo@karvy.com or mailmanager@karvy.com


TOLL FREE - HELPLINE NUMBER : 1 800 3454001


Place : Hyderabad
Date: February 20,2007

For Power Finance Corporation Limited
J S Amitabh
Company Secretary and Compliance Officer

THE LEVEL OF SUBSCRIPTION SHOULD NOT BE TAKEN TO BE INDICATIVE OF EITHER THE MARKET PRICE OF THE EQUITY SHARE ON LISTING OR THE BUSINESS PROSPECTS OF POWER FINANCE CORPORATION LIMITED.

PFC IPO Basis of Allotment FAQs

  1. 1. How shares are allotted in PFC IPO?

    Check the basis of allotment document above to know about how the shares are allocated in PFC IPO. Note that there is a separate rule for allotment in each investor category (i.e. Retail, Non-Institutional, Institutional, Employee).
  2. 2. What is PFC IPO basis of allotment status?

    The PFC IPO basis of allotment (published above) tells you how shares are allocated to you in PFC IPO and category wise demand of IPO share.

    Visit the PFC IPO allotment status page to check the number of shares allocated to your application.

  3. 3. What is PFC IPO allotment process?

    Check the basis of allotment document above to know about how the shares are allocated in PFC IPO. Note that there is a separate rule for allotment in each investor category (i.e. Retail, Non-Institutional, Institutional, Employee).

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