Subscribe to Power Grid FPO : Investchips

The follow-on public offer (FPO) of India's biggest inter-state transmission company Power Grid Corp has opened for subscription today. A price band for 84,17,68,246 equity shares FPO is set at Rs 85-90/share.

The issue comprises a fresh issue of 42,08,84,123 shares and an offer for sale of 42,08,84,123 shares by the President of India acting through the Ministry of Power, Government of India, which is 20% offer in total.

The issue will open for subscription today and close on November 11 for qualified institutional buyers and November 12 for non-institutional and retail investors. Retail investors and employees will get equity shares at 5% discount to final issue price. Bids can be made for a minimum of 65 equity shares and in multiple of 65 shares thereafter.

Investors can apply at cut-off. Though you can not expect return as in the case of Coal India, you can still get a decent return of 5-20% in 3 months time. Worth investing. www.investchips.com recommend this IPO at cut-off price.

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