Power Grid Corp FPO : FPO to open in November 2010

by khalid on 07/10/2010 · 0 comments

Power Grid Corporation of India Limited (PGCIL), a Navratna state-owned company, is one of the largest transmission utilities in the world. The company informed the market (BSE) that its follow-on public offer (FPO), which aims to raise about Rs. 8,600 crore, would hit the market in the second week of November 2010. The government would disinvest 10 per cent of its stake in Power Grid and the company would raise 10 per cent fresh equity through the FPO.

Out off Rs. 8,600 crore, government will have Rs 4,300 crore and the remaining would go to the company management. The company plans to invest this money in their projects in the remaining period of the eleventh plan and as the initial investment in the twelfth plan project.

Merchant bankers for the FPO : ICICI, SBI Cap, Goldman Sachs and JP Morgan.

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