Power Grid Corporation of India files for Follow on Public Offer

Power Grid Corporation of India Ltd (POWERGRID) has filed the Red Herring Prospectus (RHP) with the Registrar of Companies, National Capital Territory of Delhi and Haryana, on November 15, 2013 in connection with the Follow on Public Offer (FPO) of 787,053,309 Equity shares of Rs. 10 each of Power Grid Corporation of India Limited, constituting 17% of the Company's existing paid up capital.

The Ministry of Power vide office order dt.November 12, 2013 conveyed the approval of the competent authority for the Follow on Public Offer (FPO) of POWERGRID of 787,053,309 Equity shares of Rs. 10 each constituting 17% of existing paid up capital as per SEBI guidelines, which comprises fresh issue of 601,864,295 equity shares (13% of existing paid up capital) and simultaneous Disinvestment by Government of India of 185,189,014 equity shares (4% of existing paid up capital) held by the President of India, acting through the Ministry of Power.

Shares of Power Grid Corporation of India Ltd was last trading in BSE at Rs.93.85, up by Rs.0.50 or 0.54%. The stock hit an intraday high of Rs.94.15 and low of Rs.93.05.

The total traded quantity was 0.78 lakhs as compared to 2 week average of 1.12 lakhs.

Source : Equity Bulls

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