Power Grid Corporation approves FPO for 20% of existing capital

Power Grid Corporation of India Ltd has announced that the Board of Directors of the Company at its meeting held on July 02, 2010, have approved the Follow on Public Offer (FPO) of 20% of existing paid up share capital comprising fresh issue of 10% of existing paid up share capital and Offer for Sale (Disinvestment) of 10% of existing paid up share capital by Government of India subject to approval of the Cabinet Committee on Economic Affairs (CCEA).

The stock closed the day at Rs.103.45, up by Rs.0.25 or 0.24%. The stock hit an intraday high of Rs.104.50 and low of Rs.103.10.

The total traded quantity was 175921 compared to 2 week average of 182579.

Source : Equity Bulls

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