Power Grid Sets Follow-on Sale Price at 90 Rupees a ShareGeorge Smith Alexander and Anto Antony
Power Grid Corp. of India Ltd. priced its share sale at the top end of a marketed range, raising about 69.5 billion rupees ($1.1 billion) in the country’s second-largest equity offering this year.
The state-run electricity distributor will sell shares at 90 rupees each, while offering a 4.50 rupees a share discount to retail investors and employees, the company said in an exchange filing. Investors placed orders for 6.74 times the number of shares available, according to figures on the National Stock Exchange’s website.
Power Grid and the Indian government are selling 787 million shares in the company at 85 rupees to 90 rupees each, according to a Nov. 29 exchange filing. The $1.1 billion share sale would be India’s largest since power producer NTPC Ltd.’s $2.2 billion offering in February.
SBI Capital Markets Ltd., Citigroup Inc., ICICI Securities Ltd., Kotak Mahindra Capital Co., and UBS AG are managing Power Grid’s offering.