Power Grid Corporation FPO garners subscription of 3.61 times

The Follow-on Public Offering (FPO) of Power Grid Corporation of India Limited has received subscription of 3.61 times.

The company has come out with Public offer of 841,768,246 equity shares of face value of Rs. 10 each for cash at a price band of Rs.85 to Rs.90 through 100% book building process.

The Minimum Order Quantity was 65 Equity Shares and in multiples of 65 Equity Shares. The Maximum Subscription Amount for Retail Investor is Rs.100000.

The Book Running Lead Managers to the issue are SBI Capital Markets Limited, Goldman Sachs (India) Securities Private Limited, ICICI Securities Limited and J.P. Morgan India Private Limited. SBICAP Securities Limited and India Infoline Limited are the Syndicate Members to the issue.

Karvy Computershare Private Limited is the registrar to the company.

The FPO has received bids for 3037093995 equity shares against the offer of 841768246 equity shares. The issue has received bids for 30969510 equity shares at cut-off price.

The Qualified Institutional Buyers (QIBs) portion of the issue has received subscription of 7.03 times with bids for 2945291115 equity shares against the offer of 419189323 equity shares.

The Non Institutional Investors portion of the issue has received bids for 19514365 equity shares against the offer of 125756797 equity shares resulting in a subscription of 0.16 times.

The Retail Individual Investors (RIIs) portion of the issue has received subscription of 0.24 times with bids for 71879275 equity shares against the offer of 293432526 equity shares.

The Employee Reservation portion has received bids for 409240 equity shares against the offer of 3389600 equity shares resulting in a subscription of 0.12 times.

The issue closes for subscription by QIBs on November 11, 2010 and closes for subscription by other investors on November 12, 2010.

Source : Equity Bulls

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