Follow-on public offering' shares of Power Grid Corporation of India - country's largest electricity transmission utility - listed on the exchanges today. The stock touched a 52-week low of Rs 94.
At 09:41 hours the share was trading at Rs 94.85, down Rs 3.7, or 3.75% on the Bombay Stock Exchange. It was trading with volumes of 8,466,772 shares, compared to its 5-day average of 1,922,206 shares, an increase of 340.47%.
Yesterday the share closed down 1.62% or Rs 1.60 at Rs 96.95. Market capitalisation of the stock stands at Rs 39,920.86 crore.
Power Grid issued 84.17 crore equity shares by way of public issue, which included fresh issue of 42.08 crore shares and the rest was offer for sale by Government of India. The issue price was at Rs 90 a share while for retail investors and employees - the issue price was at Rs 85.5, 5% discount to issue price. The company allotted these shares on November 23.
The issue was subscribed 14.5 times due to strong investor response.
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