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Power Grid Corporation of India (PWGR IN, INR 85-90, Subscribe)
n ~INR 76 bn FPO: 50% offer for sale and 50% fresh issue
Power Grid Corporation of India (PGCIL) plans to issue 4.2 bn fresh shares, with the government selling another 4.2 bn shares from its stake, in the INR 85–90 / share (at 1.8x post issue FY12 book value) price range. The resultant INR 76 bn issue will dilute government’s stake in the company from 86.4% to 69.4%.