The Central Government on Saturday fixed the issue price of Power Grid Corporation's follow-on public offer at Rs.90 a share, the upper end of the price band, a rate that will fetch the Central Exchequer Rs.7,575 crore.

“The issue price has been fixed at Rs.90 per share. The government will raise over Rs.7,575 crore,” a source said.

An Empowered Group of Ministers (EGoM), headed by Finance Minister Pranab Mukherjee, set the issue price at Rs.90 per share, a discount of over 10 per cent from its last closing price of Rs.99.60 on the Bombay Stock Exchange.

The FPO was oversubscribed 14.83 times.

More In: Companies | Business