business-india-news

Power Grid FPO to begin on Dec 3

New Delhi, Nov 29 : The Ministry of Power on Friday said the Power Grid Corporation of India (POWERGRID) is coming up with a Follow-on Public Offer (FPO) which includes 13 percent of fresh issue of shares and 4 percent disinvestment of shares by the Indian government.


The issue opens on Dec 3 and closes on Dec 5 for Institutional Investors and Dec 6 for Retail category of Investors and Employees.

"50 percent of the net issue is allocated to Qualified Institutional Buyers (QIBs), 35% for Retail category and 15% for High Network Investors (HNI). Above 0.38% of the issue is reserved for employees. Retail category and employees shall be given a discount of 5% on the issue price. With the above, the GOI holding of POWERGRID will come down to 57.89 per cent from the present level of 69.42 per cent," read the government statement.

Presently, there is no plan for further dilution of equity in POWERGRID, in the medium term, the government said.

--IBNS (Posted on 30-11-2013)

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