PowerGrid’s Rs 2k cr FPO in March ’10

New Delhi, Dec. 15: The state-run power utility PowerGrid Corporation on Tuesday said its Rs 2,000-crore follow on public offer is likely to hit the capital market by March 2010.

“The company’s Rs 2,000 crore FPO is expected to hit the market by March next year,” the PowerGrid CMD, Mr S.K. Chaturvedi said.

“We are in the the process of launching the FPO and awaiting government (Cabinet) approval. We have planned to submit the Draft Red Herring Prospectus (with SEBI) by next month,” he said.

However, Mr Chaturvedi did not divulge any information about quantum of fresh equity and government's stake dilution. The government holds 86.36 per cent stake in PowerGrid Corp.

Earlier, the company had indicated plans to infuse 15 per cent fresh equity through the forthcoming FPO.