India Cabinet Approves Share Sale In Power Grid Corporation of India Ltd-Reuters

Thursday, 7 Nov 2013 08:07am EST 

Reuters reported that Power Grid Corporation of India Ltd has planed for a secondary share sale, which will include the government divesting 4% of its stake, Power Minister Jyotiraditya Scindia said. In September, Power Grid said in a statement to the Bombay Stock Exchange that it will also issue 601.9 million new shares, or 13% of its existing paid-up capital, as part of the follow-on share sale. The government's divestment of a 4% stake in the company is part of New Delhi's plan to raise INR400 billion ($6.28 billion) through sale of its shares in state companies in the current fiscal year ending March 2014. 

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