Power Grid Corporation FPO May Open On Nov-08, Nov-10

Power Grid Corporation FPO May Open On Nov-08, Nov-10PowerGrid Corporation of India may file DRHP for the FPO (follow-on public offer) with the market regulator Securities and Exchange Board of India on Oct 22, 2010. Follow-on public offer will available for subscription on Nov 08 and shut on Nov 10, 2010,

The PowerGrid will dilute 20 percent via this offer, which consists 10 percent fresh issue of current paid up share capital as well as 10percent offer available for sale (disinvestment) of current paid up share capital through Govt of India. The govt presently holds 86.36percent stake in company.

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