Power Grid fixes issue price for FPO at Rs 90 per share

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Power Grid fixes issue price for FPO at Rs 90 per share
Power Grid Corporation of India Ltd said its board has approved the issue price for Follow on Public Offer at Rs 90 per Share—the upper end of the price band.

The Rs 7,000 crore FPO of the company last week was subscribed 6.7 times. Power Grid had fixed the price band at Rs 85-90 per share for 78.7 crore shares on offer.

"POWERGRID's Board of Directors has approved the issue price for Follow on Public Offer at Rs 90 per Share. A discount of Rs 4.50 per share has been allowed to Retail Investors and eligible Employees on the issue price," said the company in a filing to the BSE.

The FPO comprised 13 per cent fresh equity by the company and 4 per cent stake sale by the central government. Accordingly, the government will raise up to Rs 1,600 crore from the stake sale while Power Grid will keep the rest.

Dion Global Solutions Ltd.

Story first published: Wednesday, December 11, 2013, 12:56 [IST]
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