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

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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