Government on Tuesday set the ball rolling for 4 per cent disinvestment in Power Grid Corporation Ltd (PGCIL) by inviting applications from merchant bankers to manage the stake sale. The power transmission major also proposes to issue fresh 60.18 crore shares, or 13 per cent of the current equity base, through follow-on-public offer (FPO).
‘The government intends to divest 4 per cent of the existing paid-up capital of the company out of its shareholding and in conjunction the company intends to issue fresh equity shares to the extent of 13 per cent of the pre-issue equity capital through FPO...,’ the Department of Disinvestment (DoD) said.
A part of the public offering would be reserved for the employees of PGCIL, the country's largest power transmission company.
For the proposed FPO, the DoD has invited applications from merchant bankers. Meanwhile, the Power Ministry has sought Cabinet Committee on Economic Affairs approval for the share sale plan in the Navratna company, sources said. Meanwhile, the Power Ministry has sought Cabinet Committee on Economic Affairs (CCEA) approval for the share sale plan in the Navratna company, sources said. Government proposes to dilute its 18.51 crore shares or 4 per cent stake out of its current 69.42 per cent holding.
‘The government intends to divest 4 per cent of the existing paid-up capital of the company out of its shareholding and in conjunction the company intends to issue fresh equity shares to the extent of 13 per cent of the pre-issue equity capital through FPO...,’ the Department of Disinvestment (DoD) said.
A part of the public offering would be reserved for the employees of PGCIL, the country's largest power transmission company.
For the proposed FPO, the DoD has invited applications from merchant bankers. Meanwhile, the Power Ministry has sought Cabinet Committee on Economic Affairs approval for the share sale plan in the Navratna company, sources said. Meanwhile, the Power Ministry has sought Cabinet Committee on Economic Affairs (CCEA) approval for the share sale plan in the Navratna company, sources said. Government proposes to dilute its 18.51 crore shares or 4 per cent stake out of its current 69.42 per cent holding.