Powergrid: The
follow-on-public offer (FPO) of Power Grid Corporation of India (PGCIL) was
subscribed 69 per cent on the opening day today. Of the 78.70 crore shares
offered for sale, total bids for 54.32 crore shares were received, as per the
data available on the bourses. As many as 72.98 lakh bids came at the cut off
price of the issue.
The shares are
being offered at a price band of Rs 85-90 a piece and the issue would remain
open till December 5 for institutional buyers and December 6 for retail investors.
Shares of PGCIL closed at Rs 93.75, up 0.37 per cent on the BSE. The sale of
78.70 crore shares, or 17 per cent stake, could fetch around Rs 7,083 crore at
the upper end of the price band. The company may garner close to Rs 5,717
crore, while the government may receive around Rs 1,758 crore.
