Power Grid Corporation on Thursday said new shares allotted in the recent follow-on public offer (FPO) would start trading on bourses from November 26. The government divested 10 per cent of its 86.36 per cent stake in Power Grid Corporation through the follow-on public offer, while the company offered an equal percentage of fresh equity. The government raked in about Rs 7,575 crore from PowerGrid’s share sale programme.
The company had fixed the issue price of shares under the offer at Rs 90 a piece. However, retail investors and employees will be given equity stocks at a five per cent discount on the issue price. The FPO received huge response from investors and was oversubscribed 14.83 times, according to data available on the National Stock Exchange’s website.