Power Grid Corporation of India fell 3.30% to Rs 96.80 at 9:42 IST on BSE as shares allotted in the company's follow-on public offer will be admitted for trading on the bourses today, 19 December 2013.
Meanwhile, the BSE Sensex was down 155.63 points, or 0.75%, to 20,704.23.
Volumes were high in the counter. On BSE, so far 2.56 crore shares were traded in the counter, compared with an average volume of 5.81 lakh shares in the past one quarter.
The stock hit a high of Rs 99.05 and a low of Rs 96.15 so far during the day. The stock hit a 52-week high of Rs 117.60 on 19 December 2012. The stock hit a 52-week low of Rs 86.70 on 2 August 2013.
The stock had outperformed the market over the past one month till 18 December 2013, rising 4.22% compared with the Sensex's 0.04% rise. The scrip had, however, underperformed the market in past one quarter, falling 0.50% as against Sensex's 4.50% rise.
The large-cap company has an equity capital of Rs 4629.73 crore. Face value per share is Rs 10.
Power Grid Corporation of India (PGCIL) had priced the follow-on public offer (FPO) at Rs 90 per share, the top end of the Rs 85-90 per share price band, following strong investor response for the issue. Retail investors and employees were allotted the shares at Rs 85.50 per share, which is a discount of Rs 4.50 per share on the issue price.
The FPO was subscribed 6.74 times. The portion reserved for institutional investors i.e. Qualified Institutional Buyers (QIBs) was subscribed 9.09 times. Category wise subscription data showed that foreign institutional investors (FIIs) put in bids for a total of 186.93 crore shares, compared with 39.20 crore shares reserved for the QIB category as a whole. The portion reserved for retail individual investors was subscribed 2.17 times. The portion reserved for non-institutional investors was subscribed 9.7 times.
The PGCIL FPO was a combination of fresh issue of 60.18 crore shares by the company and disinvestment by the Government of India (GoI) of 18.51 crore equity shares held by the President of India, acting through the Ministry of Power. After the successful divestment, GoI's holding in PGCIL has dropped to 57.89% from earlier 69.42%.
PGCIL, a navaratna public sector undertaking under the ministry of power, is the country's central transmission utility (CTU). The company owns and operates more than 90% of India's inter-state and interregional electric power transmission systems (ISTS). As principal electric power-transmission company of the country, it owns and operates 102109 circuit kilometers of electrical transmission lines and 172 electrical substations with a total transformation capacity of 172378 MVA as end of 30 September 2013.
PGCIL's net profit rose 10.1% to Rs 1239.20 crore on 29% growth in net sales to Rs 3981.64 crore in Q2 September 2013 over Q2 September 2012.
PGCIL, a navaratna public sector undertaking under the ministry of power, is the country's central transmission utility (CTU). The company owns and operates more than 90% of India's inter-state and interregional electric power transmission systems (ISTS). As principal electric power-transmission company of the country, it owns and operates 102109 circuit kilometers of electrical transmission lines and 172 electrical substations with a total transformation capacity of 172378 MVA as end of 30 September 2013
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