The price band for the follow-on public offering of Power Grid Corporation Ltd has been fixed at Rs 85-Rs 90, the Power Minister, Mr Sushil Kumar Shinde, said on Sunday 7th november. The FPO opens on 9th to 12th november.
Retail investors and employees will get equity shares at 5% discount to final issue price.The company is offering 84,17,68,246 equity shares through IPO, which comprises a fresh issue of 42,08,84,123 shares and an offer for sale of 42,08,84,123 shares by the President of India acting through the Ministry of Power, Government of India.
The issue will constitute 18.2% of the post issue paid-up capital of company.
The proceeds will be mainly utilised for constructing nine country-wide high capacity power transmission corridors costing USD 13 billion (Rs 58,000 crore).
SBI Capital Markets Ltd, Goldman Sachs (India) Securities Pvt Ltd, ICICI Securities and JP Morgan India Pvt Ltd are the book running lead managers to the issue.
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