Power Grid share sale to raise $1.7 billion
Power Grid Corp of India’s share sale will raise $1.7 billion after its board fixed the issue price at Rs 90 a share, the top end of the price range, the firm said on Sunday.
The state-run firm’s 841.7 million share public offer closed on Friday after being subscribed 14.5 times, buoyed by strong investor response to a stock seen as a safe bet on demand growth in a power-starved nation.Retail investors and Power Grid staff will get a further 5 percent discount on the issue price, the company said in a statement.
On Friday, Power Grid shares closed 1.6 percent lower, at 99.60 rupees, in a weak Mumbai market.
The offer, part of India’s ongoing programme to sell stakes in some 60 firms over the next few years, follows a successful $3.4 billion IPO in Coal India , the world’s largest coal miner.
source: Business-Standard
Tags: listing date for PowerGrid IPO, powergird FPO, Powergrid IPO, Powergrid nse bse IPO
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