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The stock of Power Grid Corporation of India will be in the limelight this week as the Government reignited the divestment process. The Ministry of Power has sought the approval of the Cabinet Committee on Economic Affairs for follow-on public offer of 78.70 crore shares of Rs 10 each, consisting 17 per cent of existing paid-up capital of the company. The issue consists of a fresh issue of 60.18 crore shares and a disinvestment of 18.52 crore equity shares (4 per cent of existing paid-up capital). The Ministry has given a go-ahead to the company to appoint merchant bankers/other intermediaries for the purpose. The company’s stock is currently ruling around Rs 100 and its three-month high and low are Rs 113.7 and Rs 86.7.
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