Power Grid Corp FPO : Finally subscribed 14.88 times

by khalid on 13/11/2010 · 0 comments

The FPO of Power Grid Corporation of India Limited (PGCIL) has received a good response from the investors with the final over-subscription figure reached to 14.88 times on an overall basis. Power Grid Corp FPO was open on 9th Nov 2010 and get closed on 12th Nov 2010 for subscription. The IPO has managed to get a especially better response from Non Institutional Investors Category where it overbid by 28.86 times on the final day of subscription. The price band for the issue was Rs 85 at lower level and Rs 90 at upper level. Power Grid Corporation of India Limited (PGCIL), a Navratna state-owned company, is one of the largest transmission utilities in the world.

The category-wise subscription status of IPO on closing day is given below:-

Qualified Institutional Buyers (QIBs) : 18.52 times
Non Institutional Investors : 28.86 times
Retail Individual Investors : 3.85 times
Employee Reservations : 1.11 times
Overall : 14.88 times

The IPO proceeds would be used for its projects in the remaining period of the current plan period (2007-12) and for the initial projects in the 12th plan starting April, 2012. Mainly it will be utilised for constructing nine country-wide high capacity power transmission corridors costing USD 13 billion (Rs 58,000 crore).

The equity shares offered through the IPO are proposed to be listed on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE).

The book running lead managers to the issue are ICICI, SBI Cap, Goldman Sachs and JP Morgan.

Registrar of the Issue : Link Intime India Private Ltd. Mumbai.

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