State-owned Power Grid Corporation of India has fixed price band for its proposed Follow-on Public Offer (FPO) at Rs 85-90 per share. A 5% discount will be available to retail investors and eligible employees at the issue price on allotment. The FPO worth around Rs 7,600 crore comprises of 84 crore equity shares of Rs 10 each representing 20% of existing paid-up capital of the PSU.
Power Grid’s net profit had grown by 41.62% to Rs 651.40 crore during the quarter ended September 30, 2010 as compared to Rs 459.97 crore for the quarter ended September 30, 2009. Its total income for the quarter surged by 23.44% to Rs 2,222.97 crore from Rs 1,800.90 crore for the corresponding quarter of the previous year.