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The follow-on public offer (FPO) of Power Grid Corporation of India was subscribed 9.72
times on Thursday, the last day of subscription for institutional investors.

The institutional investor segment was subscribed over 18.52 times, according to the
Bombay Stock Exchange data. The portions reserved for retail and non-institutional
investors (NIIs), for which the bidding closes tomorrow, were subscribed 0.72 times and
1.63 times, respectively.

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The price band for the Power Grid issue is Rs 85-90. At the upper band, this translates into
more than 10 per cent discount to the stock last closing price of Rs 101.20 on BSE. Retail
investors and the employees will get additional five per cent discount on the final issue
price.

Almost all broking firms have advised their clients to subscribe to the issue. According to
Angel Broking, at the upper price band, Power Grid is available at price-to-book value
(P/BV) of 1.7 times and price-to-earnings (PE) of 12.2 times on 2011-12 estimates.