State-run Power Grid Corporation of India will file draft red herring prospectus for its follow-on public offer (FPO) with the market regulator SEBI on October 22, 2010. FPO will open for subscription on November 08 and close on November 10, 2010,
The company will dilute 20% through this offer, which comprises 10% fresh issue of existing paid up share capital and 10% offer for sale (disinvestment) of existing paid up share capital by Government of India. The government currently holds 86.36% stake in Power Grid.
Power Grid is planning to raise Rs 8,500-9,000 crore through IPO.
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