New Delhi: State-owned PowerGrid Corp. would hit the market with its follow-on public offer to raise Rs3,500 crore by September this year.
“We have sent the proposal to the power ministry and now they will send it to the finance ministry. So it (FPO) can be expected by September,” PowerGrid chairman and managing director S.K. Chaturvedi told reporters.
The company plans to raise fresh equity of about 10% to fund its expansion plans and is hoping to mop up Rs3,500 crore from the follow-on offer.
PowerGrid is engaged in building transmission network throughout the country.