Power Grid FPO allotment date soon, listing on November 23
The chairman and managing director of Power Grid Corporation, S K Chaturvedi has announced that that the equity shares of Power Grid Corporation would be listed on exchanges on November 23, 2010. Power Grid is expected to raise around USD 1.7 billion via held recently follow-on public offer (FPO).
However the date of the for the basis of allotment is yet to be determined. Power Grid Corp of India's follow-on-offer to raise as much $ 1.7 billion was subscribed by 14.88 times as investors found compelling reasons to participate in India’s power story. The offer attracted bids worth $ 9.3 billion from foreign investors, exchange data showed, powered by record fund inflows into Indian shares this year.
Institutions subscribed for 18.5 times the shares on offer to them, while the non- institutional and retail portions of the deal were subscribed 1.6 times and 0.7 times, respectively.
Most bids came at the top-end of the 85-90 rupees price range, data showed.
The world's third- largest power transmission company operates 95 % of India's interstate network, carrying half of all power generated in the country. The Power Grid sale comes after a highly successful $3.4 billion IPO of state run Coal India. Shares of Power Grid ended 0.78 % down at Rs 101.20.
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4 comments:
This report says that the non- institutional and retail portions of the deal were subscribed 1.6 times and 0.7 times, respectively, while somewhere it is mentioned that the retail portion is subscribed 3.85 times. which is true and how many shares retail subscribers are going to get
QIB - 18.52
Non-Institutional - 28.86
Retail - 3.85
as per NSE infor mation
As the Power Grid is leading power sector organisation and has a dynamic growth history. So I think retail portion will be subscribed more than 100 percent.
Retail will get most probably 1:4 or slightly better ratio. Do not expect 1:2 like Coal India.
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