 "Power Grid Corp falls ahead of FPO")
Power Grid Corporation of India is trading lower by 2% at Rs 93.25 in otherwise firm market ahead of the company proposed follow-on-offer (FPO) issue, which opens tomorrow. The issue will closes on December 5 for institutional investors and December 6 for retail category of investors and employees.
The company has fixed a price band for the issue at Rs 85-90 a share. A discount of Rs 4.50 (which is 5% of the top end of the price band) will be available to Retail Investors and eligible Employees on the issue price on allotment, Power Grid Corporation said in a statement.
The government will sell 185 million shares of Power Grid, while the company will issue fresh 602 million shares through the offer.
The 787 million equity shares or 17% stake sale in the state-run company is expected to garner up to Rs 7,083 crore. The company may garner close to Rs 5,717 crore, while the government will get around Rs 1,758 crore.
The stock opened at Rs 92.10 and hit a low of Rs 92.10 on the NSE. A combined 7.07 million shares have changed hands on the counter so far on the NSE and BSE.
The company has fixed a price band for the issue at Rs 85-90 a share. A discount of Rs 4.50 (which is 5% of the top end of the price band) will be available to Retail Investors and eligible Employees on the issue price on allotment, Power Grid Corporation said in a statement.
The government will sell 185 million shares of Power Grid, while the company will issue fresh 602 million shares through the offer.
The 787 million equity shares or 17% stake sale in the state-run company is expected to garner up to Rs 7,083 crore. The company may garner close to Rs 5,717 crore, while the government will get around Rs 1,758 crore.
The stock opened at Rs 92.10 and hit a low of Rs 92.10 on the NSE. A combined 7.07 million shares have changed hands on the counter so far on the NSE and BSE.
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