PowerGrid Corporation's follow-on public offer (FPO) was oversubscribed 9.72 times by the third day of the issue on Thursday, generating demand worth a huge Rs.73,872 crore. The FPO, through which the government is looking to garner Rs.7,600 crore, has received bids for 818.41 crore shares against 84.17 crore shares on offer, as per the data available on the NSE website.
On Thursday, the FPO has closed for institutional investors, while for other investors bidding will continue till tomorrow [Friday]. In the qualified institutional buyers category, the issue got subscribed by 18.52 times, while the non-institutional and retail segment was subscribed 1.63 times and 0.72 times respectively.
The funds raised from the FPO will be used for part funding the PSU's Rs.55,000 crore capex plan. — PTI