India's Power Grid $1.2 bln share sale likely to open on Dec 3-sources

Tue Nov 19, 2013 3:03am EST

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Nov 19 (Reuters) - State-run Power Grid Corp of India's sale of shares, valued at about $1.2 billion, is likely to open on Dec. 3, three sources with direct knowledge of the matter said, in a process that could revive the government's divestment programme.

Power Grid said on Monday that it had filed for a follow-on offering of 787 million shares, or 17 percent stake, with the market regulators.

The offering includes fresh issue of 601 million shares and disinvestment of 185 million shares, or 4 percent stake, by the Indian government.

The Power Grid issue is likely to remain open for investors to bid until Dec. 6, said the sources, who declined to be named as they were not authorised to speak to the media before a public announcement.

A Power Grid official said the issue was likely to be launched in December but he was not aware of the launch date. Ravi Mathur, secretary at the Department of Disinvestment, was not immediately available to comment. (Reporting by Sumeet Chatterjee in Mumbai; Editing by Anand Basu)

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