By next December, Power Grid Corporation (PGC) is planning to launch a follow-on public offer for about Rs 4,650 crore. This will comprise four per cent stake sale by the Union government in the Grid and fresh issue of 13 per cent equity.
Once the stake sale in the Grid done, the government’s holding in the company would come down to about 58 per cent from 69.94 per cent.
The capex of the Grid for FY14 is about Rs 22,000 crore. For this level of capex, the company would require 30 per cent equity, which works out to Rs 6,600 crore.
Power Grid posted a 10 per cent rise in net profit at Rs 1,239 crore (Rs 1,126 crore) for the quarter ended September 30. Total income was up 27 per cent at Rs 4,104 crore (Rs 3,243 crore).
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