Stated owned Power Grid Corporation of India (POWERGRID) is coming up with a Follow-on Public Offer (FPO) which includes 13 per cent of fresh issue of shares and 4 per cent disinvestment of shares by Government of India.
The issue opens on December 3rd and closes on December 5th for Institutional Investors and December 6th for Retail category of Investors & Employees.
50 percent of the net issue is allocated to Qualified Institutional Buyers (QIBs), 35 per cent for Retail category and 15 per cent for High Network Investors (HNI). Above 0.38 per cent of the issue is reserved for employees. Retail category and employees shall be given a discount of 5 per cent on the issue price. With the above, the GOI holding of POWERGRID will come down to 57.89 per cent from the present level of 69.42 per cent.
Presently, there is no plan for further dilution of equity in POWERGRID, in the medium term. The shares of Power Grid Corporation closed at Rs 91 on the National Stock Exchange.
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