Powergrid Oversubscription

Hi I would like to have the information about the follow-on public offerwhich was issued by PowerGrid Corporation?

[shikha]

State-run PowerGrid Corporation's take after on open offer (FPO) was oversubscribed 10.67 times till 1 pm on the last day of the issue, creating request worth an astounding Rs 81,092 crore.

The FPO, through which the administration is hoping to accumulate Rs 7,600 crore, has gotten offers for 898.4 crore shares, against 84.17 crore shares on offer, as per the information accessible with the National Stock Exchange.

The FPO for qualified institutional financial specialists shut on Thursday with a membership of 18.52, while offering for different speculators, including retail, will close on Friday.

The administration is stripping 10 for every penny of its 86.36 for each penny stake and the organization would raise break even with rate of new value through the offer estimated at Rs 85-90 for every offer.

Representatives and retail speculators will be given value stocks at 5 for each penny markdown on the last issue cost.

At the upper end of the value extend, Power Grid's FPO is worth almost Rs 7,600 crore and at the lower end, it would bring about Rs 7,155 crore.

PowerGrid's FPO is a piece of the administration's intend to bring Rs 40,000 crore up in the current money related year through stripping stake in different PSUs.

The capital raised from the FPO will be utilized for part-subsidizing the PSU's Rs 55,000-crore capex design, with Rs 30,900 crore worth of venture arranged throughout the following two years.

SBI Capital Markets, Goldman Sachs (India) Securities, ICICI Securities and JP Morgan India are the book running lead chiefs to the issue.