The share sale offer of Power Grid Corporation was subscribed 6.73 times on the final day of offer on Friday as institutional and retail buyers queued up to bid for shares in the state-run transmission utility.

The follow-on-public offer (FPO), which remained open for four days, saw bids coming in for nearly 530 crore shares, against 78.70 crore on offer, or 6.73 times.

Retail investors, who would be allotted shares at a discount of Rs.4.50 a share over the issue price, came in on the final day of the offer. The portion of shares reserved for retail buyers was fully subscribed, sources said.

The shares are being offered at a price band of Rs.85-90 a share. The number of bids at the cut off price was over 56.52 crore, as per data available on bourses.

The sale of 78.70 crore shares, or 17 per cent stake, could fetch around Rs.7,083 crore at the upper end of the price band.

Stocks up 2.86 per cent

Power Grid shares closed at Rs.98.90, up 2.86 per cent from previous close on the BSE.

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