<p>The FPO, through which the government is looking to garner Rs 7,600 crore, has received bids for 818.41 crore shares against 84.17 crore shares on offer, on the third day of subscription, as per the data available on the National Stock Exchange website.<br /><br />"PowerGrid's FPO is getting an amazing reception from the market and it is likely to be oversubscribed by 12-13 times on the final day," Geojit BNP Paribas Financial Services AVP Gaurang Shah said.<br /><br />Today, the FPO has closed for institutional investors, while for other investors bidding will continue till tomorrow.<br /><br />The government is divesting 10 per cent of its 86.36 per cent stake and the company would raise equal percentage of fresh equity through the offer priced at Rs 85-90 per share.<br />At the upper end of the price range, Power Grid's FPO is worth nearly Rs 7,600 crore and at the lower end, it would fetch about Rs 7,155 crore.<br /><br />In the qualified institutional buyers category, the issue got subscribed by 18.52 times, while the non-institutional and retail segment was subscribed 1.63 times and 0.72 times respectively.<br /><br />PowerGrid's FPO is part of the government's plan to raise Rs 40,000 crore in the current financial year through divesting stake in various PSUs.<br /><br />The capital raised from the FPO will be used for part funding the PSU's Rs 55,000 crore capex plan, with Rs 30,900 crore worth of investment lined up over the next two years.<br />SBI Capital Markets Ltd, Goldman Sachs (India) Securities Pvt Ltd, ICICI Securities and JP Morgan India Pvt Ltd are the book running lead managers to the issue.</p>
<p>The FPO, through which the government is looking to garner Rs 7,600 crore, has received bids for 818.41 crore shares against 84.17 crore shares on offer, on the third day of subscription, as per the data available on the National Stock Exchange website.<br /><br />"PowerGrid's FPO is getting an amazing reception from the market and it is likely to be oversubscribed by 12-13 times on the final day," Geojit BNP Paribas Financial Services AVP Gaurang Shah said.<br /><br />Today, the FPO has closed for institutional investors, while for other investors bidding will continue till tomorrow.<br /><br />The government is divesting 10 per cent of its 86.36 per cent stake and the company would raise equal percentage of fresh equity through the offer priced at Rs 85-90 per share.<br />At the upper end of the price range, Power Grid's FPO is worth nearly Rs 7,600 crore and at the lower end, it would fetch about Rs 7,155 crore.<br /><br />In the qualified institutional buyers category, the issue got subscribed by 18.52 times, while the non-institutional and retail segment was subscribed 1.63 times and 0.72 times respectively.<br /><br />PowerGrid's FPO is part of the government's plan to raise Rs 40,000 crore in the current financial year through divesting stake in various PSUs.<br /><br />The capital raised from the FPO will be used for part funding the PSU's Rs 55,000 crore capex plan, with Rs 30,900 crore worth of investment lined up over the next two years.<br />SBI Capital Markets Ltd, Goldman Sachs (India) Securities Pvt Ltd, ICICI Securities and JP Morgan India Pvt Ltd are the book running lead managers to the issue.</p>