Powergrid FPO Subscription Oversubscribed

Powergrid FPO Subscription Oversubscribed

The follow on public offer (FPO) of government run Power Grid Corporation of India has received a tremendous response from QIB’s and institutional investors and has been oversubscribed 3.61 times at the end of the second day of the FPO.

Powergrid Corporation has come out with a follow on public offer of 841,768,246 equity shares of face value of Rs. 10 each for cash in a price band of Rs.85 to Rs.90.

The minimum bid quantity for retail investors is 65 Equity Shares and in multiples of 65 after that.

Power Grid FPO Subscription

As per data available on the National Stock Exchange at closing yesterday , the Power Grid FPO has received total bids for about 3037093995 equity shares against the offer of 841768246 equity shares. Out of these applications about 30969510 equity shares have been bid at cutoff price.

* The portion reserved for Qualified Institutional Buyers (QIBs) has received subscription of 7.03 times.
* The Non Institutional Investors portion of the issue has been subscribed 0.16 times.
* The Retail Individual Investors (RIIs) portion of the issue has received subscription of 0.24 times with bids.Most retail investors are expected to put in their bids tomorrow which will be closing date.

The Power Grid FPO will be closing today, November 11th for institutional investors, while for retail and HNI investors bidding will close tomorrow November 12th. Many brokerages and analysts have recommended that investors should subscribe to Power Grid FPO.