Data traffic has been increasing at an exponential rate causing extremely heavy demand on cellular networks. Device-to-Device (D2D) communication is seen as a potential solution for data traffic offloading and enhanced performance of cellular networks. It improves the spectrum and energy efficiency of the network. But co-channel interference is the major concern while performing spectrum sharing in D2D communication. Most of the existing works have proposed power control schemes for non-overlapping spectrum allocation among D2D pairs. This paper focuses on reducing the co-channel interference by dynamic power control while allocating multiple resources to single D2D user. D2D system performance is formulated as an overlapping coalition game coupled with interference based transmit power distribution among the resource blocks assigned to a single user. Simulation results show that the proposed scheme outperforms the other existing techniques in terms of D2D throughput and total transmit power