State-run transmission company Power Grid Corporation today said that its follow-on public offer (FPO), which aims to raise about Rs 8,600 crore, would hit the market in the second week of November.
"In all likelihood, in the second week of November, we will be able to bring our FPO. We are hopeful of raising Rs 8,600 crore of which Rs 4,300 crore would go to the government and the remaining would come to us," Power Grid CMD SK Chaturvedi told reporters here.
"We plan to invest that money in our projects in the remaining period of the eleventh plan and as the initial investment in the twelfth plan project," Chaturvedi added.
The company has appointed ICICI, SBI Cap, Goldman Sachs and JP Morgan as its merchant bankers for the FPO.
The government would disinvest 10 per cent of its stake in Power Grid and the company would raise 10 per cent fresh equity through the FPO.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app