PowerGrid IPO fully subscribed on Day 1

PowerGrid IPO fully subscribed on Day 1

Mumbai: The initial public offer of the state-run Power Grid Corp of India has been fully subscribed on the first day, data from the National Stock Exchange showed.

The issue, which opened on Monday, had received bids for 615.79 million shares against the offer size of 573.93 million shares.

The issue includes a fresh offer of 382.6 million shares and sale of 191.3 million shares by the federal government, whose holding will fall to 86.36 percent from the present 100%.

The company had set a IPO price band of 44-52 per share and planned to raise up to 29.84 million rupees to fund several transmission projects.

Power Grid operates most of India’s inter-state transmission assets and is the nodal agency for wheeling power across the country.