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. Also Read - CIL divestment may be finalised in 1-2 months: Union Coal Minister
At 13:11 hours IST, the stock was trading at Rs 97.20, down 0.82 percent from previous close.