For Quick Alerts
ALLOW NOTIFICATIONS  
For Daily Alerts

Power Grid gets shareholder approval to hike FII limit to 30%

By Super
|

Power Grid gets shareholder approval to hike FII limit to 30%
Power Grid Corporation of India has received shareholder approval to increase the limit of holdings by foreign institutional investors to 30% from 24% currently.
 

FIIs can acquire and hold, on their own account and on behalf of each of their Sebi-approved sub-accounts, shares of the company up to an aggregate limit of 30% of the paid up capital, the state-owned company said in a filing to the BSE today.

Shareholders also approved a proposal to increase the company's borrowing limit to Rs 1,30,000 crore from the current cap of Rs 1,00,000 crore.

Both proposals were cleared through postal ballots. The plans had been approved by Power Grid's board of directors at a meeting on October 23.

Last month, Power Grid had said that increasing the limit would provide more headroom for FII investments in the company. FII holdings have been on the rise since the company's first follow-on public offer in 2010.

Power Grid had hit the capital market with an initial public offering in October 2007. Shares worth about Rs 7,000 crore were sold in the company's second follow-on offer, which closed earlier this month.

The government got about Rs 1,600 crore from the sale of 18.51 crore shares, while Power Grid raised close to Rs 5,400 crore from its offer of 60.18 crore new shares.

Proceeds from the offer would be utilised by the company for 27 transmission projects.

PTI

Story first published: Saturday, December 28, 2013, 10:04 [IST]
Company Search
Get Instant News Updates
Enable
x
Notification Settings X
Time Settings
Done
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X
We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more