Power Grid Corporation of India (PGCIL) is trading lower by 3% at Rs 97 on back of heavy volumes after fresh shares of 602 million allotted in follow-on-public offer (FPO) starts trading today.
The stock opened at Rs 97.50 and hit a low of Rs 96.25 on NSE. A combined 98.42 million shares representing 1.8% of total equity capital of the company have changed hands on the counter till 0950 hours on BSE and NSE.
The state-run PGCIL FPO was a combination of fresh issue of 602 million shares by the company and disinvestment by the Government of India of 185 million equity shares held by the President of India, acting through the Ministry of Power.
The company has priced its FPO at Rs 90 per share, the top end of the Rs 85-90 per share price band. A discount of Rs 4.50 per share has been allowed to retail investors and eligible employees on the issue price, PGCIL said in a regulatory filing.
The stock opened at Rs 97.50 and hit a low of Rs 96.25 on NSE. A combined 98.42 million shares representing 1.8% of total equity capital of the company have changed hands on the counter till 0950 hours on BSE and NSE.
The state-run PGCIL FPO was a combination of fresh issue of 602 million shares by the company and disinvestment by the Government of India of 185 million equity shares held by the President of India, acting through the Ministry of Power.
The company has priced its FPO at Rs 90 per share, the top end of the Rs 85-90 per share price band. A discount of Rs 4.50 per share has been allowed to retail investors and eligible employees on the issue price, PGCIL said in a regulatory filing.
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