Power Grid $1.1 billion share sale fully covered
MUMBAI (Reuters) - A $1.1 billion share sale in state-run Power Grid Corp of India (PGRD.NS) was fully covered on Wednesday, the second day of the offering, provisional data from the stock exchanges showed.
By 3:24 p.m., the share sale had received bids for 788.5 million shares, most of them from local funds and foreign institutional investors.
Details of the price of bids was not immediately available. The company has set a price band of 85 rupees to 90 rupees per share for the offer, with a discount of 4.5 rupees for retail bidders and employees.
The 787.05 million share follow-on offering comprises of a 4 percent stake sale by the government, and fresh issue of 601.9 million shares by the company to raise funds for capital expenditure on transmission projects.
The issue closes on Thursday for institutional buyers and on Friday for other investors.
(Reporting by Prashant Mehra; Editing by Anupama Dwivedi)
- Tweet this
- Share this
- Digg this
- Malaysia Airlines plane missing at sea off Vietnam, presumed crashed
- UPDATE 3-U.S. FDA probes cognitive impact of new cholesterol drugs
- Hollywood blockbuster 'Noah' faces ban in Arab world
- CORRECTED-UPDATE 4-Malaysia Airlines plane crashes in South China Sea with 239 people aboard - report
- IndiGo plane evacuated after rear wheel catches fire in Nepal
PLANE GOES MISSING
A Malaysia Airlines flight carrying 227 passengers and 12 crew went missing over the South China Sea on Saturday, presumed crashed, as ships and planes from countries closest to its flight path scoured a large search area for any wreckage. Full Article