Power Grid Corporation FPO garners susbcription of 14.88 times

The Follow-on Public Operation (FPO) of Power Grid Corporation of India Limited has received overwhelming response from investors with the issue garnering subscription of 14.88 times.

The issue has received total bids for 12529614565 equity shares against the offer of 841768246 equity shares. The issue received bids for 970201375 equity shares at cut-off price.

The company came 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 IPO openes for subscription on November 9, 2010 and closed for subscription on November 12, 2010.

The Qualified Institutional Buyers (QIBs) portion of the issue has received bids for 7765160520 equity shares against the offer of 419189323 equity shares resulting in a subscription of 18.52 times.

The Non Institutional Investors portion of the issue has received subscription of 28.86 times with bids for 3629919800 equity shares against the offer of 125756797 equity shares.

The Retail Individual Investors (RIIs) portion of the issue has received bids for 1130756705 equity shares against the offer of 293432526 equity shares resulting in a subscription of 3.85 times.

The Employee Reservation portion also received subscription of 1.11 times with bids for 3777540 equity shares against the offer of 3389600 equity shares.

Source : Equity Bulls

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