LIC, State Bank bet big on NTPC follow-on offer

Life Insurance Corporation of India and State Bank of India are reported to have put in huge bids for the follow-on public offer (FPO) of state-owned power major NTPC. According to a market source, the duo had applied for shares worth around Rs 4,000 crore, at a price of Rs 209 per share. According to the alternative book building method, based on auctioning, bids can be revised only upwards for both the quantity and price. As such, participation from India s largest insurance firm on the first day of the issue is relevant. An investment banker who did not want to ...

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