Power Grid FPO to hit market in Nov

State-run transmission company Power Grid Corporation on Wednesday said that its follow-on public offer, which aims to raise about Rs 8,600 crore (Rs 86 billion), 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 (Rs 86 billion) of which Rs 4,300 crore (Rs 43 billion) 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.