Power Grid Corporation FPO band at Rs 85-90/share, stock down over 3%

MUMBAI: Power Grid Corporation of India has fixed the price band for its Follow-on Offer is at Rs 85-90 per share. The retail investors and eligible employees will get 5% discount at the issue price on allotment.

At 12:45 pm, the share was at Rs 98.60, down 3.33 per cent or Rs 3.40 on the BSE. It touched a high of Rs 99.40 and low of Rs 96 in trade so far on volume of 23 lakh shares.

According to experts the stock was witnessing selling pressure on the account of 12-17% discount at which the FPO is priced. The discount widens for retail investors if the 5 per cent additional discount of issue price is considered.