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)

business-india-news headlines

India's forex reserves rise to $309.44 bn

Reliance Industries sees net profit of Rs.21,984 crore in 2013-14

Wipro Q4 profit rises by 29 percent, beats analyst estimates

Trade, commerce to drive India-US ties: Narendra Modi

PepsiCo launches free talk time offer

TCS, Twitter launch app to track Indian Elections

India's software market grew at 10pc in 2013: Research

Anand Mahindra, Banmali Agrawala, Ellen Lord named USIBC directors

Sigvaris appoints NovoMed as distributor in India

AGP launches talent division

Hotel Sahara Star honoured with award

eBay, CAIT partner to benefit Indian traders

Quick Links: Goa | Munnar | Pondicherry | Free Yearly Horoscope '2014

Comments

Your e-mail:


Your Full Name:


Type verification image:
verification image, type it in the box

Message:

Back to Top