Power Grid Corp $1.1 billion share sale fully covered

A $1.1 billion share sale in state-run Power Grid Corp of India was fully covered on Wednesday, the second day of the offering, provisional data from the stock exchanges showed.

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.

Post new comment

E-mail ID will not be published
CAPTCHA
This question is for testing whether you are a human visitor and to prevent automated spam submissions.

EDITORIAL OF THE DAY

  • The economic survey falls in step with the BJP’s election manifesto

    It’s always tough to find something wrong with the annual economic survey as it only articulates the government’s desire to set its house in order

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

Chander Mohan Sethi

CMD, Reckitt Benckiser India

COLUMNIST

Arun Nigavekar

Why higher education needs innovation

India is such a great country that it creates complexity ...

Zehra Naqvi

We must overcome the fear of death

It is the biggest irony that the only thing that’s ...

Dharmendra Khandal

Jawai leopards and locals can coexist peacefully

At first glance, the Jawai landscape seems like a large ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture