PowerGrid Corp FPO Expected By September (22-Feb-2010)
With a view to raise additional capital for its expansion and developmental projects, PowerGrid Corporation of India Ltd. is eyeing to go for the Follow-on Public Offer (FPO) to raise around Rs. 3,500 crore by September 2010. Mr. S K Chaturvedi, CMD of PowerGrid said the company had already sent the proposals to the Power Ministry and now they will send it to the Finance Ministry. So as the FPO can be expected by September this year.
To fund its expansion plans, the company eyes to raise fresh equity of around 10 % and is hoping to mop up Rs 3,500 crore from the FPO.
PowerGrid is a Navratna Public Sector Enterprise and is one of the largest transmission utilities in the world. It generates around 45 % of the total power generated in India on its transmission network.
The company has a pan India presence with around 71,500 Circuit Kms of Transmission network and 120 nos. of EHVAC & HVDC sub-stations with a total transformation capacity of 79,500 MVA.POWERGRID has also diversified into Telecom business and established a telecom network of more than 20,000 Kms across the country.
Powergrid has consistently maintained the transmission system availability of more than 99 % which is at par with the International Utilities.
The company had raised nearly Rs 3,000 crore from its IPO (initial public offering) in September 2007. Its issue price was at Rs 52.
The Company has posted a profit after tax of Rs. 4878.40 mn for the Q-3 ended 31st December 2009 as compared to Rs. 3723.50 mn for the corresponding period of the previous year. Total Income has increased from Rs. 15626.70 mn for the Q-3 ended 31st December 2008 to Rs. 17500.10 mn for the Q-3 ended 31st December 2009.
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