Power Grid shares dip 6pc on Nov 8

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Mumbai, Nov 8: Following the fixed price band by the electricity transmission utility, the share of the biggest company for transmission of Electric Power across the country, Power Grid Corp shed 6 percent in the opening trade on Monday, Nov 8.

The price band of Power Grid's Rs 7,600 crore FPO was fixed on Sunday, Nov 7 by the government at Rs 85-90 per share, which is at a discount of 12 per cent from the stock's Friday closing price of Rs. 102.

According an advertisement by the company in a leading daily, Power Grid and the federal government may raise 75.8 billion rupees through a share offer in a record year for asset sales in the country.

To fund the construction of roads, ports and hospitals, Prime Minister Manmohan Singh plans to raise 400 billion rupees from asset sales in 2010.

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