Asia Bizz: Power Grind Corporation Of India FPO Prices Touch Rs.85-90 Per Share In The Market

Power Grid Corporation of India made a new record in Intra-Day trading at the stock exchange as the share prices were touching a record mark at Rs. 97.90. The Power Grid has kept a bench mark price for its shares ranging between Rs. 85-90 at its FPO (follow on public offering).

Power Grid is India’s largest interstate transmission company, will announce a FPO of 84,17,68,246 equity shares. The issue of shares is scheduled to open on the 9th November till the 11th November 2010 for all non institutional and retail investors in the country. The employees and the retail investors will be getting a 5% discount at the final issue of shares.

One of the main reasons that the company has come up with their FPO’s, is that they would need finance to construct their planned 9 high capacity power stations across India, which will be costing them $13 billion. This is a strong and innovative step towards self sufficiency in the power sector by India, and to acquire this sort of sufficiency, they will be releasing as FPO on the 9th November.