PowerGrid's FPO shares admitted on bourses; scrip hits yr-low | business | Hindustan Times
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PowerGrid's FPO shares admitted on bourses; scrip hits yr-low

PowerGrid Corp slipped over 3% 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 on Thursday.

business Updated: Nov 25, 2010 11:10 IST

PowerGrid Corp slipped over 3% 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 on Thursday.

The company share opened on a subdued note and plunged by 3.04% to a 52-week low of Rs 94 in the morning trade on the Bombay Stock Exchange (BSE).

In a similar fashion, it tanked by 3.91% to Rs 93.30 on the National Stock Exchange (NSE).

PowerGrid has raised Rs 7,600 crore through its FPO of 84.17 crore shares, which commenced trading on the bourses on Thursday.

The government has divested 10% of its 86.36% stake and the company has raised equal percentage of fresh equity through the offer, which was priced at Rs 90 per share.

Employees and retail investors were given equity stocks at 5% discount on the final issue price i.e. at Rs 85.50 per share.

Power Grid 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.