The follow-on offer (FPO) of Power Grid Corporation of India (PGCIL) has been subscribed 5.31 times till 1pm on Thursday - the last day for institutional investors to submit their bids. According to market sources, the institutional portion has been subscribed more than 10 times.
According to data available on the website of the National Stock Exchange (NSE), bids for 4,469.73 million shares have poured in till 1pm, as against 841.77 million shares on offer in the price band of Rs 85 to Rs 90. Qualified institutional buyers (QIBs) portion is believed to have been subscribed 10.30 times with bids for 4,315.76 million shares.
Retail and high networth individual categories are said to have been subscribed 0.43 times and 0.26 times, respectively, according to market sources. While today is the last day for institutional investors for bidding in the FPO, retail and high networth individuals can submit their bids till tomorrow.
On the National Stock Exchange (NSE), shares of Power Grid Corporation were trading almost unchanged at Rs 102.05 during the afternoon session.
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