Power Grid Corporation FPO to hit markets on November 9, 2010

Power Grid Corporation of India Ltd has announced that the Board of Directors of the Company at its meeting held on October 20, 2010, have approved the Red Herring Prospectus (RHP) for Follow on Offer of POWERGRID. As per RHP approved by the Board, the bidding programme for the FPO of POWERGRID is announced.

The FPO will open for subscription on November 09, 2010 and closing for QIB Bidders on November 11, 2010. The Closing of Bid fFor retail and Non-Institutional bidders, including eligible employees bidding in the Employee Reservation Portion is November 12, 2010.

The stock closed the day at Rs.105.65, up by Rs.1.40 or 1.34%. The stock hit an intraday high of Rs.107.10 and low of Rs.105.20.

The total traded quantity was 6.53 lakhs compared to 2 week average of 4.22 lakhs.

Source : Equity Bulls

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