Power Grid FPO; Employees and Retail Receive 5% discount

Power Grid FPO; Employees and Retail Receive  5% discountIndia major interstate transmission firm Power Grid with start FPO on Nov 9. Employees and Retail investors will receive equity stocks at 5percent discount to final issue price.

The subscription for follow on public offer will be end for QIB bidders on Nov 11 as well as non-Institutional and retail bidders will close on Nov 12.

The FPO proceeds will be mostly used for building 9 country-wide higher capability power transmission corridors priced at Rs 58,000 cr.

ICICI Securities, Goldman Sachs Securities Pvt Ltd, SBI Capital Markets and JP Morgan India Ltd are the book running lead managers to the power grid corporation of india FPO

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