PowerGrid's FPO shares admitted on bourses; scrip hits year-low
Mumbai: PowerGrid slipped over three percent to its yearly-low on BSE in the early trade, after the state-run power transmission firm's follow-on public offer was officially registered on bourses today.
The company share opened on a subdued note and plunged by 3.04 percent to a 52-week low of 
94 in the morning trade on the Bombay Stock Exchange.
In a similar fashion, it tanked by 3.91 percent to 93.30 on the National Stock Exchange.
PowerGrid has raised 7,600 crore through its FPO of 84.17 crore shares, which commenced trading on the bourses today.
The government has divested 10 percent of its 86.36 percent stake and the company has raised equal percentage of fresh equity through the offer, which was priced at 90 per share.
Employees and retail investors were given equity stocks at 5 percent discount on the final issue price i.e. at 85.50 per share.
PowerGrid will use the funds raised from the FPO for part-funding capital expenditure plan. Meanwhile, the 30-share benchmark Sensex was trading at 19,593.25, up by 133.40 points from its previous close.
Source: PTI
94 in the morning trade on the Bombay Stock Exchange.
In a similar fashion, it tanked by 3.91 percent to 93.30 on the National Stock Exchange.
PowerGrid has raised 7,600 crore through its FPO of 84.17 crore shares, which commenced trading on the bourses today.
The government has divested 10 percent of its 86.36 percent stake and the company has raised equal percentage of fresh equity through the offer, which was priced at 90 per share.
Employees and retail investors were given equity stocks at 5 percent discount on the final issue price i.e. at 85.50 per share.
PowerGrid will use the funds raised from the FPO for part-funding capital expenditure plan. Meanwhile, the 30-share benchmark Sensex was trading at 19,593.25, up by 133.40 points from its previous close.