Oct 24, 2013, 07.07 PM IST
According to the company, the government could get about Rs 1,900 crore from the process, while the company will garner about Rs 6,000 crore from the sale of fresh equities.
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PowerGird FPO anytime next month; govt may raise Rs 1,900cr
According to the company, the government could get about Rs 1,900 crore from the process, while the company will garner about Rs 6,000 crore from the sale of fresh equities.
Like this story, share it with millions of investors on M3
PowerGird FPO anytime next month; govt may raise Rs 1,900cr
According to the company, the government could get about Rs 1,900 crore from the process, while the company will garner about Rs 6,000 crore from the sale of fresh equities.
Also Read: Rs 7k cr capitalization enough to take view for yr: PGCIL
According to the company, the government could get about Rs 1,900 crore from the process, while the company will garner about Rs 6,000 crore from the sale of fresh equities. The company plans to sell 17 percent equity, through the FPO route, out of which the government share will be around 4 percent and the rest 13 percent will be fresh issue of equity shares to the extent of 13 percent of the pre-issue equity capital worth around Rs 6,000 crore, the company said.
"We have completed all the necessary procedures from our side and can launch it as soon as possible. But we are awaiting the approval from the Cabinet Committee on Economic Affairs (CCEA)," Chairman and Managing Director R N Nayak told reporters here.
Another official said: "We are expecting the approval soon. We can even float the FPO in November." The Navratna company has proposed to issue fresh 60.18 crore shares, or 13 percent of the current equity base, through the FPO, while the government proposes to dilute its 18.51 crore shares or 4 percent stake out of its current 69.42 percent holding, as part of its Rs 44,000 crore divestment programme, out of which it could so far raise a little over Rs 1,100 crore.
After the FPO, the government stake in the company will reduce to 57.89 percent, Nayak said. ICICI Securities, SBI Capital, Citi, UBS and Kotak Securities are managing the sale. This will be the second follow-on offer from PowerGrid, which sold a 10 percent with a similar stake divested by the government in November 2010 at an issue price of Rs 90 a share.
The company hit the capital markets with its initial public offer in October 2007. Meanwhile, the company posted a 10 percent increase in its net profit in the September quarter at Rs 1,239 crore against Rs 1,126 crore a year ago. Total income stood at Rs 4,104 crore, registering 27 percent growth, compared to Rs 3,243 crore a year ago. Currently, PowerGrid is operating more than 1,02,100 circuit km of transmission lines along with 172 sub-stations and transformation capacity of around 1,72,370 MVA with an inter-regional power transmission capacity of about 31,850 mw.
On October 24, 2013, Power Grid Corporation of India closed at Rs 98.85, down Rs 1.8, or 1.79 percent. The 52-week high of the share was Rs 122.45 and the 52-week low was Rs 86.70.
The company's trailing 12-month (TTM) EPS was at Rs 9.76 per share as per the quarter ended September 2013. The stock's price-to-earnings (P/E) ratio was 10.13. The latest book value of the company is Rs 56.68 per share. At current value, the price-to-book value of the company was 1.74.
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