Power Grid endorse Rs 8,000 crore FPO

India's major inter-state transmission group Power Grid Corporation of India is all geared up to strike the capital markets once again with a follow-on public offer on November 9, 2010.

The panel of Directors of the group in a discussion organized on October 20, 2010, has accepted the red herring prospectus (RHP) for follow on offer of the group. The contribution for FPO for the retail & Non-Institutional bidders counting the entitled employees bidding in the Employee Reservation Portion on November 12, 2010 and the subscription will be unbolting on November 09, 2010 while concluding for QIB bidders on November 11, 2010 and.Power Grid endorses Rs 8,000 crore FPO. The group targets to hoist Rs 8,000 crore via follow-on offer, as per the CNBC-TV18.

The earnings will be mostly make use for building nine nation-wide elevated capability power transmission passageway worth USD 13 billion (Rs 58,000 crore), Chaturvedi added.Prior, on July 02, 2010, the group has accepted the FPO of 20% of obtainable paid up share capital including fresh issue of 10% of obtainable paid up share capital and proposal for sale (Disinvestment) of 10% of on hand paid up share capital by Government of India.