PowerGrid Corp FPO expected by Sept

NEW DELHI: State-owned PowerGrid Corporation would hit the market with its follow-on public offer to raise Rs 3,500 crore by September this year. (Watch)

"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 CMD S K Chaturvedi told reporters here.

The company plans to raise fresh equity of about 10 per cent to fund its expansion plans and is hoping to mop up Rs 3,500 crore from the follow-on offer.

PowerGrid is engaged in building transmission network throughout the country.