Hong Kong: India’s GVK Power and Infrastructure Ltd. set a price range for its $250 million overseas share sale, offering them at a discount of up to 5%, a person familiar with the matter said on 2 May.
GVK Power is selling shares in a range of Rs315 to 335 through a Qualified Institutional Placement (QIP), with pricing set for 9 May, the source said. The number of shares offered will depend on where the deal prices, the source said.
GVK Power shares last traded off 0.44% at Rs331.70 in Mumbai trading, putting the low end of the offering range at a 5% discount. Financial markets in Mumbai are closed on 2 May for a holiday. Citigroup is the foreign underwriter on the transaction.