Power Grid shares weak, FPO likely in November

Moneycontrol Bureau

Traders are selling shares of Power Grid Corporation of India with the stock falling more than a percent on Monday. The follow-on public offer is likely to take place in November, reports CNBC-TV18 quoting sources.

It is learnt that ICICI Securities, UBS, Kotak, Citibank and SBI Capital have been appointed as merchant bankers for the issue.

Sources say the government is planning a 13 percent offer-for-sale and 4 percent divestment in the company. The government holds 69.42 percent stake in the company as of June 2013.

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At 13:11 hours IST, the stock was trading at Rs 97.20, down 0.82 percent from previous close.