GVK Power raising up to $250 mln in sale

Hong Kong, May 2: GVK Power and Infrastructure Ltd. set a price range for its 0 million overseas share sale, offering them at a discount of up to 5 percent, a person familiar with the matter said on Wednesday.

GVK Power is selling shares in a range of 315 to 335 rupees through a Qualified Institutional Placement (QIP), with pricing set for May 9, the source said. The number of shares offered will depend on where the deal prices, the source said.

GVK Power shares last traded off 0.44 percent at 331.70 rupees in Mumbai trading, putting the low end of the offering range at a 5 percent discount. Financial markets in Mumbai are closed on Wednesday for a holiday. Citigroup is the foreign underwriter on the transaction.

Reuters >