The board of Directors of Power Grid Corporation Limited today approved subject to Government of India clearance and approval a FPO (follow on public offer) of 10% and a further dilution of 10%. The present equity of the company is 4208.84 crs, the closing price on the BSE on Friday the 2nd July was Rs 103.45 and the market capitalisation was Rs 43,540.45 crs.

This 20% dilution which comprises government stake sale of half and fresh issue of half would on a ball park basis mean an issue size of Rs 8700 crs at current market rates. No timeline has been mentioned for the same.