PowerGrid plans to utilise FPO proceeds to partly fund 27 projects

Mumbai: Power Grid Corporation of India Ltd (PGCIL), which expects to raise Rs. 7,083 crore through a follow-on public offer, plans to utilise the proceeds partly to fund its 27 transmission line projects worth over Rs. 48,354 crore.

 

The FPO for a 17 per cent stake sale will hit the market on Tuesday and close on December 5 for institutional investors. However, for retail category investors and employees, it will close on December 6.

 

"The proceeds of the issue will be used to fund our 27 projects, which we have identified to strengthen the transmission network," chairman and managing director of the state-owned firm R N Nayak told reporters on Monday.  NDTV