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Sep 14, 2013, 12.14 PM IST | Source: Moneycontrol.com

Power Grid Corp: Updates on Follow on Public Offer

Ministry of Power has sought the approval of CCEA for the FPO of Power Grid of 787,053,309 equity shares of Rs 10 each consisting 17% of existing paid up capital as per SEBI guidelines.

With reference to earlier announcement dated August 01, 2013 regarding Follow on Public Offer of the Company, Power Grid Corporation of India Ltd has now informed BSE that :- Ministry of Power vide office order dated September 13, 2013 conveyed that the Ministry of Power has sought the approval of Cabinet Committee on Economic Affairs (CCEA) for the following:"Follow on Public Offer (FPO) of POWERGRID of 787,053,309 Equity shares of Rs. 10 each consisting 17% of existing paid up capital as per SEBI guidelines, which comprises of -(a) Fresh issue of 601,864,295 equity shares (13% of existing paid up capital);(b) Disinvestment of 185,189,014 equity shares (4% of existing paid up capital) by Selling Shareholder i.e. President of India."Ministry of Power also conveyed that POWERORID may proceed further with regard to appointment of Merchant Bankers and other key intermediaries involved in a public issue.Source : BSE

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