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Power Grid shares rise

November 9, 2010

Shares in Power Grid, the world’s third-largest power transmission company, rose more than 5 percent to 103.75 rupees on Tuesday.

The company’s share sale (FPO)¬†worth up to $1.7 billion was fully covered on its first day as investors sought what is seen as relatively safe exposure to surging electricity demand in the country.

The share sale, which opened Tuesday and closes on Friday, saw orders for just over the number of total shares on offer at the close of books on Tuesday, exchange data showed.

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