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.
The Power Grid IPO is India's first big equity capital markets transaction of the past six months
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 deal accounted for 17% of the existing share capital, including 13% of new shares and 4% of existing shares coming from the government.

Being the first equity capital markets transaction of size...

¬ Haymarket Media Limited. All rights reserved.

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team subscription (2-5 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team subscription (2-5 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222