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Power Finance Corporation Limited

(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.. Tel:+91-11- 2345 6000, Fax:+91-11-2341 2545. email: ipo@pfcindia.com Website: www.pfcindia.com

BASIS OF ALLOCATION PUBLIC ISSUE OF UP TO 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 (REFERRED TO AS THE ISSUE). THE ISSUE COMPRISED A RESERVATION OF UP TO 25,00,000 EQUTY SHARES FOR SUBSCRIPTION BY EMPLOYEES. AND THE 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/- AND IT IS 8.5 TIMES THE FACE VALUE. The Issue 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 shall be available for allocation on a proportionate basis to Non-Institutional Bidders and up to 35% of the Issue shall be 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, Retail Individual Investor and Employee categories are as under: (Before technical rejections) Category Qualified Institutional Buyers Non Institutional Investors Retail Individual Investors Employees Final Demand A sample of the final demand at different bid prices is as under: Bid Price 73 74 No. of Shares 1256320 48320 % to Total 0.01 0.00 Cumulative Total 9060782000 9059525680 Cumulative % to total 100.00 99.99 No. of Applications 443 2017 621853 296 No. of Shares 7873291280 836172380 340091455 2917660 Subscription 137.14 48.55 8.46 1.17

75 76 77 78 79 80 81 82 83 84 85 & Cut Off Price

329520 7040 15120 42720 522400 31778480 9920 28000 56800 11040 9026676320 9060782000

0.00 0.00 0.00 0.00 0.01 0.35 0.00 0.00 0.00 0.00 99.62 100.00

9059477360 9059147840 9059140800 9059125680 9059082960 9058560560 9026782080 9026772160 9026744160 9026687360 9026676320

99.99 99.98 99.98 99.98 99.98 99.98 99.62 99.62 99.62 99.62 99.62

The Basis of Allocation was finalized in consultation with the National Stock Exchange of India Limited (NSE) on 19th February, 2007. A. Allocation to Employees (After Technical Rejections)

The Basis of Allocation to the Employees, who have bid at cut-off or at the Issue Price of Rs.85/- per Equity Share, was finalized in consultation with NSE. The category was over subscribed 1.16 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 Allocation (Sample) are as under: Category No. Of Applns. 160 480 800 960 1040 5040 10000 20000 23040 23200 23520 24960 25520 25680 26000 26240 27120 29360 1 2 3 3 2 2 13 1 1 1 1 1 1 1 2 1 1 14 % to total 0.34 0.68 1.01 1.01 0.68 0.68 4.39 0.34 0.34 0.34 0.34 0.34 0.34 0.34 0.68 0.34 0.34 4.73 Total No. of Shares applied 160 960 2400 2880 2080 10080 130000 20000 23040 23200 23520 24960 25520 25680 52000 26240 27120 411040 % to total 0.01 0.03 0.08 0.10 0.07 0.35 4.46 0.69 0.79 0.80 0.81 0.86 0.87 0.88 1.78 0.90 0.93 14.09 No. of Shares allocated 137 412 685 823 891 4319 8569 17137 19742 19879 20154 21387 21867 22004 22278 22484 23237 25155 Ratio Total No. of Shares allocated 137 824 2055 2469 1782 8638 111397 17137 19742 19879 20154 21387 21867 22004 44556 22484 23237 352170

FIRM FIRM FIRM FIRM FIRM FIRM FIRM FIRM FIRM FIRM FIRM FIRM FIRM FIRM FIRM FIRM FIRM FIRM

B.

Allocation to Retail Individual Investors (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 NSE. The category was over subscribed 8.20 times. The total number of shares allotted in this category is 40185845 Equity Shares to 386023 successful applicants. The category-wise details of the Basis of Allocation are as under: Category No. Of Applns. % to total Total No. of Shares applied % to total 1.89 3.73 4.04 3.06 4.53 3.33 18.86 1.71 0.74 2.02 0.69 1.35 1.46 52.59 No. of Shares allocated 80 80 80 80 80 80 80 80 88 97 1 107 117 127 136 Ratio Total No. of Shares allocated 777920 1539680 1616160 1227360 1850000 1332880 7555200 704960 296824 808010 1367 277237 543348 586867 21068032

80 160 240 320 400 480 560 640 720 800 880 960 1040 1120

77793 12.95 6223440 76984 12.82 12317440 55555 9.25 13333200 31536 5.25 10091520 37356 6.22 14942400 22909 3.81 10996320 111106 18.50 62219360 8812 1.47 5639680 3373 0.56 2428560 8330 1.39 6664000 ADDITIONAL 2591 0.43 2280080 4644 0.77 4458240 4621 0.77 4805840 154912 25.80 173501440

1:08 1:04 4:11 18:37 13:21 8:11 17:20 FIRM FIRM FIRM 18:61 FIRM FIRM FIRM FIRM

B. 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 NSE. The category was subscribed 48.17 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 Allocation (Sample) are as under: Category No. Of % to Applns. total 254 15.56 38 2.33 23 1.41 15 0.92 18 1.10 15 0.92 19 1.16 5 0.31 7 0.43 6 0.37 1 0.06 Total No. of Shares applied 304800 76000 230000 300000 900000 1500000 3800000 1500000 3500000 6000000 2000000 % to total 0.04 0.01 0.03 0.04 0.11 0.18 0.46 0.18 0.42 0.72 0.24 No. of Shares allocated 80 80 208 415 1038 2076 4151 6227 10378 20757 41513 Ratio Total No. of Shares allocated 6320 1520 4784 6225 18684 31140 78869 31135 72646 124542 41513

1200 2000 10000 20000 50000 100000 200000 300000 500000 1000000 2000000

9:29 1:02 FIRM FIRM FIRM FIRM FIRM FIRM FIRM FIRM FIRM

3600000 5000000 10000000 12500000 18000000 42000000 47058800 94117600

1 2 1 1 1 2 1 1

0.06 0.12 0.06 0.06 0.06 0.12 0.06 0.06

3600000 10000000 10000000 12500000 18000000 84000000 47058800 94117600

0.43 1.21 1.21 1.51 2.17 10.12 5.67 11.34

74723 103783 207565 259456 373616 871771 976774 1953502

FIRM FIRM FIRM FIRM FIRM FIRM FIRM FIRM

74723 207566 207565 259456 373616 1743542 976774 1953502

D. Allocation to QIBs Allocation to QIBs has been done on a proportionate basis in consultation with 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 shares (5,45,37,932) on proportionate basis. Category No.of Shares FIs/Banks 3607957 MFs 10119256 FIIs 39301972 VCs 12276 ICs 4366889 Total 57408350

The Committee of Directors of the company at its Meeting held at Hyderabad on 19th February, 2007 has approved the basis of allocation of shares of the Issue and has allotted the 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 address given below. The Refund Orders have been over-printed with the Bank Mandate details as registered, if any, with the depositories. The 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 allocation. 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-cumapplication 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 500081, Fax: 040-23420814 Email: pfc.ipo@karvy.com or mailmanager@karvy.com TOLL FREE - HELPLINE NUMBER

1-800-3454001

For Power Finance Corporation Limited Sd/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.

Place : Hyderabad Date : , 2007

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