An arbitrary subset (n - m) of the (n) closed loop eigenvalues of an n(th) order continuous time single input linear time invariant system is to be placed using full state feedback, at pre-specified locations in the complex plane. The remaining closed loop eigenvalues can be placed anywhere inside a pre-defined region in the complex plane. This region constraint on the unspecified poles is translated into a linear matrix inequality constraint on the feedback gains through a convex inner approximation of the polynomial stability region. The closed loop locations for these eigenvalues are optimized to obtain a minimum norm feedback gain vector. This reduces the controller effort leading to less expensive actuators required to be installed in the control system. The proposed algorithm is illustrated on a linearized model of a 4-machine, 2-area power system example.