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PowerGrid offer fully subscribed

New Delhi, Dec. 4 (PTI): The follow-on-public offer (FPO) of Power Grid Corporation was subscribed 1.06 times on the second day today.

For the 78.70 crore shares offered for sale, the total number of bids received was 83.34 crore at close today. The number of bids at cut-off price was 3.91 crore, according to data available on bourses.

The shares are being offered at a price band of Rs 85-90 apiece. The issue is open till December 5 for institutional buyers and December 6 for retail investors.

PowerGrid shares closed at Rs 95.55, up 1.92 per cent, from its previous close on the BSE today.

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 FPO comprises 13 per cent fresh equity by the company and a 4 per cent stake sale by the Centre.

The government is selling 18.51 crore shares, while the company is issuing fresh 60.18 crore shares through the offer.

About 2.4 per cent of fresh shares are reserved for employees.

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