Also read: Power Grid seek shareholders nod for hiking FII limit
"The issue opens on December 3 and closes on December 5 for institutional investors and December 6 for retail category of investors and employees," an official statement said.
The price band for the issue has been fixed at Rs 85-90 a share, PGCIL said in a filing to the BSE. Shares of PGCIL closed at Rs 95.05, up 0.69 percent on the BSE. The sale of 78.70 crore shares could fetch around Rs 7,083 crore at the upper end of the price band.
The company may garner close to Rs 5,717 crore, while the government will get around Rs 1,758 crore.
The Empowered Group of Ministers (EGoM) on disinvestment, headed by Finance Minister P Chidambaram, today decided on the date and pricing for the FPO of the state-owned PGCIL.
Earlier this month, the Cabinet had cleared the FPO of PGCIL, which will comprise 13 percent fresh equity by the company and 4 percent stake sale by the central government.
The government will sell 18.51 crore shares in PGCIL, while the company will issue fresh 60.18 crore shares through the offer. Of the fresh shares, about 2.4 percent will be reserved for the employees.
50 percent of the net issue is allocated to Qualified Institutional Buyers (QIBs), 35 percent for retail category and 15 percent for High Network Investors (HNI). Above 0.38 percent of the issue is reserved for employees.
Retail category and employees shall be given a discount of 5 percent on the issue price.
The government holding in the company will come down to 57.89 percent from the present level of 69.42 percent.
Citigroup, ICICI Securities, UBS, SBI Caps and Kotak Mahindra have been appointed as merchant bankers for the FPO. This will be the second follow-on offering from PGCIL, which sold a 10 percent stake along with a similar stake divested by the government in November 2010 at an issue price of Rs 90 a share.
The company hit the capital market with initial public offering in October 2007.
So far in the current fiscal, the government has raised over Rs 1,300 crore through minority stake sale in PSUs. It has set a target of Rs 40,000 crore from disinvestment in current fiscal.
Power Grid Corp stock price
On November 29, 2013, Power Grid Corporation of India closed at Rs 95.05, up Rs 0.65, or 0.69 percent. The 52-week high of the share was Rs 121.05 and the 52-week low was Rs 86.70.
The company's trailing 12-month (TTM) EPS was at Rs 9.76 per share as per the quarter ended September 2013. The stock's price-to-earnings (P/E) ratio was 9.74. The latest book value of the company is Rs 56.68 per share. At current value, the price-to-book value of the company is 1.68.
Anda sedang membaca artikel tentang
Power Grid FPO to hit mkt on Dec 3;priced at Rs 85-90/share
Dengan url
https://citraasa.blogspot.com/2013/11/power-grid-fpo-to-hit-mkt-on-dec.html
Anda boleh menyebar luaskannya atau mengcopy paste-nya
Power Grid FPO to hit mkt on Dec 3;priced at Rs 85-90/share
namun jangan lupa untuk meletakkan link
Power Grid FPO to hit mkt on Dec 3;priced at Rs 85-90/share
sebagai sumbernya
0 komentar:
Posting Komentar