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Power Grid Corporation is planning to launch a follow-on public offer for about Rs 4,650 crore by December.
This will comprise four per cent stake sale by the Centre in the company and fresh issue of 13 per cent equity.
R. N. Nayak, Chairman and Managing Director of Power Grid, said following the stake sale, the Centre’s holding in the company would come down to about 58 per cent from 69.94 per cent.
Power Grid’s capex 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.
“We need equity,” said Nayak, when asked whether there would be any further fund raising.
For the quarter ended September 30, Power Grid posted a 10 per cent rise in net profit at Rs 1,239 crore (Rs 1,126 crore). Total income was up 27 per cent at Rs 4,104 crore (Rs 3,243 crore).
On Thursday, the Power Grid scrip closed 1.69 per cent lower at Rs 98.85 on the BSE.
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