EuroPacific Growth Fund raises Power Grid stake to over 5%

EuroPacific Growth Fund, one of the largest shareholders in Power Grid, has hiked its stake in the state-run utility to 5.4% after acquiring additional shares through the open market.

The Foreign Institutional Investor has increased its shareholding in Power Grid to 5.419% from 4.681%, according to a regulatory filing today.

The entity acquired about 3.9 crore shares, making up for around 0.738% stake in the power transmission firm. These scrips were acquired through open market on December 19, the filing said.

At the end of September quarter, EuroPacific Growth Fund had 3.91% stake in the company.

Earlier this month, Power Grid sold 78.70 crore shares through a Follow on Public Offer (FPO). It included a fresh issue of 60.18 crore equities and sale of over 18.51 crore scrips by the government.

Shares of Power Grid closed flat at Rs 99.55 on the BSE.