Power Grid issue subscribed 69% on day one

The issue closes on Dec 5 for institutional and high networth investors and on Dec 6 for retail investors

The Rs 7,000 crore-follow on public offering (FPO) by state-owned Power Grid Corporation saw good response on day one. As per provisional figures on stock exchanges website, the issue has received nearly 69% subscription, with category meant for institutional investors already oversubscribing.

Power Grid is selling about 787 million shares through the FPO in a price band between Rs 85 and Rs 90 per share. The issue closes on December 5 for institutional and high networth investors and on December 6 for retail investors.

The company is offering a discount of Rs 4.5 to retail investors and employees. Shares of the company today ended at Rs 93.75, up 0.16% on the NSE.