The government today fixed the issue price of PowerGrid’s follow-on public offer at Rs 90 per share,the upper end of the price band,a rate which will fetch the exchequer Rs 7,575 crore.
“The issue price has been fixed at Rs 90 per share. The government will raise over Rs 7,575 crore,” a source said.
An Empowered Group of Ministers (EGoM),headed by Finance Minister Pranab Mukherjee,set the issue price at Rs 90 per share,a discount of over 10 per cent from its last closing price of Rs 99.60 on the Bombay Stock Exchange.
Central transmission utility PowerGrid FPO,priced at Rs 85-90 a share,was oversubscribed 14.83 times,generating a demand worth a staggering Rs 1.12 lakh crore for 84.17 crore (84,17,68,246) shares on offer.
The FPO,which opened on November 9,has garnered total demand for 1,248.