Power Grid to raise Rs 3,000 cr via FPO

Power transmission company Power Grid Corporation today said it is planning to raise Rs 3,000 crore by the end of this fiscal or early next year through a Follow-on Public Offer (FPO).     

"We will try to come up with the FPO and we hope to raise Rs 3,000 crore, the company will infuse 15 per cent fresh equity with this FPO," company's CMD S K Chaturvedi told reporters in the national capital.     

Earlier this month, Power Grid Corporation of India (PGCIL) reported a 16.71 per cent rise in its net profit at Rs 1,690.61 crore for the year ended March 31, 2009, against Rs 1,448.47 crore last year.     

Total revenue from operations rose to Rs 6,675.85 crore for the year ended March, 2009, from Rs 4,702.47 crore last year.