Power Grid Corporation of India has tanked 13% to Rs 89 after its board approved to raise funds for its investment programme by issuing equity shares through follow on public offer (FPO).
The board of state-owned electric utilities company at its meeting held on August 01, 2013, has approved the FPO of 15% of existing paid up share capital comprising fresh issue of 694 million equity shares, for augmenting resources of company to fund its investment programme, Power Grid Corporation said in a filing.
The fund raising is subject to necessary approval of Government of India, it added.
The stock opened at Rs 99 and hit a low of Rs 87.75, its lowest level since February 2009, on BSE. A combined around one million shares changing hands on the counter till early noon deals on BSE and NSE.
The board of state-owned electric utilities company at its meeting held on August 01, 2013, has approved the FPO of 15% of existing paid up share capital comprising fresh issue of 694 million equity shares, for augmenting resources of company to fund its investment programme, Power Grid Corporation said in a filing.
The fund raising is subject to necessary approval of Government of India, it added.
The stock opened at Rs 99 and hit a low of Rs 87.75, its lowest level since February 2009, on BSE. A combined around one million shares changing hands on the counter till early noon deals on BSE and NSE.
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 →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
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
SAVE 25%