follow-on offer tomorrow-about Rs 80 billion opens tomorrow, when, Power Grid`s would be the fourth, 2010,
State-run PowerGrid Corporation`s follow-on offer to raise about Rs 80 billion opens tomorrow, when the Centre would disinvest 10% of its 86.36% stake and the company would raise equal per centage of fresh equity, reports PTI.
This is part of the government`s disinvestment target of Rs 400 billion for the current financial year.
PowerGrid would be the fourth company after Satluj Jal Vidyut Nigam, Coal India and Engineers India where the central government would disinvest part of its holding.
The price band for the PowerGrid FPO was fixed between Rs 85-90 on November 7 by a group of ministers.
The capital raised from the FPO will be used for part funding the PSU`s Rs 550 billion capital expenditure (capex) plan, with Rs 309 billion worth of investment lined up over the next two years.
Shares of the company declined Rs 3.65, or 3.58%, to settle at Rs 98.35. The total volume of shares traded was 3,432,390 at the BSE (Monday).
Power Grid Corporation Of India Limited (Q,N,C,F)*
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