India gets a boost with $1.1 billion Power Grid sale

The deal, which included a $260 million sell-down by the government, is priced at the top of the range after being 6.7 times covered.

India gets a boost with $1.1 billion Power Grid sale
The Power Grid IPO is India's first big equity capital markets transaction of the past six months

Power Grid Corp of India, the country’s largest power transmission company, has fixed the price for its follow-on offering at the top of the indicated range, at Rs90 per share, for a total deal size of Rs69.59 billion $1.11 billion.

The government, which sold a small portion of its existing holdings as part of the overall sale, will raise approximately $260 million, while the rest is new capital going to the company. The total...

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