PowerGird to launch FPO next month

According to the company,the government could get about Rs 1,900 crore from the process.

Written by Press Trust Of India | Mumbai | Published:October 25, 2013 4:29 am

PowerGrid Corporation has said it expects to launch the follow on public offer (FPO) anytime next month. According to the company,the government could get about Rs 1,900 crore from the process,while the company will garner about Rs 6,000 crore from the sale of fresh equities.

“We have completed all the necessary procedures from our side and can launch it as soon as possible. But we are awaiting the approval from the Cabinet Committee on Economic Affairs,” CMD RN Nayak said. Another official said,“We are expecting the approval soon. We can even float the FPO in November.”

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