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...
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