Powergrid FPO subscription oversubscribed 3.61 times

State-run PowerGrid Corporation's Rs 7,600-crore follow-on public offer got a smart response from investors with a subscription of 3.61 times till 1700 hours on the second day.

The transmission firm's FPO attracted bids for for 304 crore shares against 84.17 crore shares on offer on the second day, as per the data available on the National Stock Exchange website till 1700 hours on the second day. Analysts said investors have shown interest in parking their funds in PowerGrid's share sale programme.

The government is divesting 10 per cent of its 86.36 per cent stake and the company would raise equal percentage of fresh equity through the offer priced at Rs 85-90 per share. At the upper end of the price range, Power Grid's FPO is worth nearly Rs 7,600 crore and at the lower end, it would fetch about Rs 7,155 crore.