The initial public offer of Power Grid Corporation of India, government power transmission company, has been subscribed 64.23 times till 5 pm, according to information available on the NSE web site .
The IPO has received bids for 36.86 billion shares, including bids for 96.23 crore shares at cut off price.
The major support has seen from qualified institutional buyers (QIBs), which has reserved portion of 28 crore shares that subscribed 111 times followed by HNI, retail oortion subscribed 37.5 and 4 times, respectively, according to sources, till 4 pm.
The 573.9 million share offer constitutes 10% fresh equity - comprising 382.6 million shares - and sale of 5% stake by the government - amounting to 191.3 million shares.
At the lower end, the issue will raise Rs 25.25 billion, while at the upper end the mop-up will be Rs 29.84 billion.
State-run Power Grid is raising funds from the market to finance its expenditure requirements. It requires investment of Rs 700 billion in the current 11th Five Year Plan period that ends March 2012.
The equity shares are proposed to be listed on the BSE and NSE. The book running lead managers to the Issue are: Kotak Mahindra Capital Company Limited, Citigroup Global Markets India Private Limited and Enam Securities Private Limited.
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Source: MC
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