Power Grid FPO Price Band at Rs 85-90 decided by Govt

Power Grid FPO Price Band at Rs 85-90 decided by Govt

Power Grid Corporation of India touched an intraday high of Rs 97.90 and an intraday low of Rs 96.40. At 09:17 hrs the share was quoting at Rs 97.25, down Rs 4.8, or 4.7% on the NSE.

India’s biggest inter-state transmission company Power Grid Corp has fixed a price band at Rs 85-90/share for its follow-on public offer of 84,17,68,246 equity shares.

The issue will open for subscription on November 9 and close on November 11 for qualified institutional buyers and November 12 for non-institutional and retail investors. Retail investors and employees will get equity shares at 5% discount to final issue price.

Proceeds of fresh issue will be utilised mainly for constructing nine country-wide high capacity power transmission corridors costing USD 13 billion (Rs 58,000 crore).

It was trading with volumes of 202,064 shares. On Friday the share closed up 0.54% or Rs 0.55 at Rs 102.05.

Posted by on Nov 8 2010. Filed under Uncategorized. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry