Power Grid Corp $1.1 billion share sale fully covered
Dec 04 2013 , Mumbai
By 3:24 p.m., the share sale had received bids for 788.5 million shares, most of them from local funds and foreign institutional investors.
Details of the price of bids was not immediately available. The company has set a price band of 85 rupees to 90 rupees per share for the offer, with a discount of 4.5 rupees for retail bidders and employees.
The 787.05 million share follow-on offering comprises of a 4 percent stake sale by the government, and fresh issue of 601.9 million shares by the company to raise funds for capital expenditure on transmission projects.
The issue closes on Thursday for institutional buyers and on Friday for other investors.