More PSU FPOs on anvil

Nov 09, 2010 |

Correspondent

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Mumbai, Nov. 8: The `7,400 crore further public offering (FPO) of Power Grid Corporation, which opens on Tuesday will be followed by Manganese Ore India Ltd, IOC, Sail India and Hindustan Copper said Mr Sumit Bose, power secretary. The proceeds of the FPO will be used for 13 identified projects. He said PGCL has a capex of `55,000 crore in the 11th Plan and for 2011-12 it is `30,000 crore. The additional secretary, department of disinvestments, Mr Sidhartha Pradhan, said that the IPO of PGCL in 2007 was oversubscribed 64 times and was a record in India with 1,90,000 crore shares. This was surpassed by CIL which had 2,36,000 crore shares. The PSU shares are “goldmines,” he said, which is why government wants the people to participate in it.

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