Power Grid Corporation falls over 3% on discounted FPO price

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Power Grid Corporation falls over 3% on discounted FPO price
Shares of Power Grid Corporation of India dipped over 3 per cent in early trade on Bombay Stock Exchange (BSE) after the company fixed FPO price band at Rs 85-90 per share at a discount of 5 per cent to retail investors.

The FPO opens on December 3 and closes on December 5 for institutional investors and for retail investors it closes on December 6. Reacting to news, shares of company declined as much as 3.31 per cent to trade at Rs 91.90 a piece on the BSE. In a similar fashion, shares of the company slipped 2.05 per cent to Rs 93.15 a piece on National Stock Exchange.

Meanwhile, the broader benchmark Sensex was quoting at 20,863.40, up 71.47 points or 0.36 per cent at 10:15 hours.

Dion Global Solutions Ltd.

Story first published: Monday, December 2, 2013, 12:42 [IST]
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