Power Grid Corporation Of India Ltd.

Power Grid Corporation of India’s follow-on public offer (FPO) has been subscribed around 6.72 times. The Rs 7,000-crore issue, which closed on December 6 has received bids for 529 crore equity shares as against issue size of 78.7 crore shares.

The company intends to use fresh issue funds for capital requirements for the implementation of certain identified transmission projects and general corporate purposes.

Power Grid Corporation of India, the Central Transmission Utility (CTU), is engaged in power transmission business with the mandate for planning, co-ordination, supervision and control over Inter-State transmission systems and operation of the National and Regional Power Grids. It is also in the telecom business and offers consultancy services.