A fastening apparatus for installing a ribet which includes a hollow rivet body and a mandrel, the apparatus including, a means for imparting rotational movement to a drill bit; a housing borne by the rotation means and which includes an internal operating cavity, the housing operable to support the rivet; a driving assembly borne by the housing and disposed in force receiving relation relative to the drill bit; a locking assembly borne by the housing and operable to move along a predetermined path of travel from a first unlocked position to a second locked position; and a riveting assembly positioned in the internal cavity and disposed in force receiving relation relative to the locking assembly. During operation, the riveting assembly engages the mandrel of the rivet body when the locking assembly is positioned in the second locked position and wherein rotation of the drill bit causes the riveting assembly, in combination with the driving assembly, to forcibly withdraw the mandrel from the rivet body until the mandrel separates from the rivet body, thereby completing the riveting process.