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Power Grid to invest Rs 210 cr for strengthening network

Last Updated: Wednesday, August 28, 2013 - 21:40

New Delhi: State-owned Power Grid Corp will invest close to Rs 210 crore for strengthening transmission network over the next two years.

The Board has approved Rs 135.65 crore for procurement and installation of transformers, and Rs 73.48 crore for strengthening the eastern region infrastructure in the next two years, Power Grid said in a filing to the stock exchange.

The decisions were taken yesterday.

The government plans to speed up the process of raising up to Rs 3,000 crore by selling 5 percent stake in Power Grid Corp. The state-owned firm is also looking to raise fresh equity to fund expansion.

The proposal is subject to necessary regulatory approvals and the mode of disinvestment may be offer for sale (OFS). The offer-for-sale method was introduced by market regulator Sebi early this year and it allows companies to sell shares in a simplified process on the stock market platform through a one- day bidding process.

The company scrip closed at Rs 94.15, down 1.52 percent on the BSE.


First Published: Wednesday, August 28, 2013 - 21:40
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