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    POWERGRID   INE752E01010

POWER GRID CORPORATION OF INDIA LIMITED

(POWERGRID)
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India's Power Grid $1.2 billion share sale likely to open on December 3 - sources

11/19/2013 | 08:33am EDT

(Reuters) - State-run Power Grid Corp of India's (>> Power Grid Corporation of India Limited) sale of shares, valued at about $1.2 billion (745 million pounds), is likely to open on December 3, three sources with direct knowledge of the matter said, as part of the government's drive to revive the divestment programme.

(Reuters) - State-run Power Grid Corp of India's (>> Power Grid Corporation of India Limited) sale of shares, valued at about $1.2 billion (745 million pounds), is likely to open on December 3, three sources with direct knowledge of the matter said, as part of the government's drive to revive the divestment programme.

The Power Grid offering, which was approved by the Indian cabinet earlier this month, includes fresh issue of company shares and the government's divestment of a 4 percent stake.

The government's planned sale of stakes in Power Grid and other state companies including miner Coal India Ltd (>> Coal India Limited) is critical to relieving pressure on public finances that could put the country's investment-grade credit rating at risk.

India has targeted raising $6.4 billion from selling stakes in state companies in the fiscal year ending March 2014, but has so far managed about $230 million, as ministries squabble over the timing of the issues and the rupee's fall against the dollar.

The Power Grid issue is likely to remain open for investors to bid until December 6, said the sources, who declined to be named as they were not authorised to speak to the media before a public announcement.

A Power Grid official said the issue was likely to be launched in December but he was not aware of the launch date. Ravi Mathur, secretary at the Department of Disinvestment, was not immediately available to comment.

Shares of Power Grid were trading down 1.3 percent at 95.10 rupees on Tuesday at 0924 GMT. At the current market price the sale of 787 million shares, of which 185 million will be sold by the government, will raise about $1.2 billion.

Power Grid said on Monday that it had filed for the follow-on offering with the market regulators.

The divestment department, which oversees stake sale in state companies, is keen to push through the stake sales to take advantage of a share market rally that sent India's benchmark stock index <.BSESN> to a record high this month.

The government has also revived plans to sell stakes in two state companies, Indian Oil Corp (>> Indian Oil Corporation Limited) and Coal India, to raise about $2.3 billion by mid-December, sources with direct knowledge of the matter told Reuters last week.

($1=62.4450 Indian rupees)

(Reporting by Sumeet Chatterjee in Mumbai)


ę Reuters 2013
Stocks mentioned in the article
ChangeLast1st jan.
COAL INDIA LIMITED 0.55% 175.05 Delayed Quote.28.53%
INDIAN OIL CORPORATION LIMITED 0.80% 131.5 Delayed Quote.43.43%
POWER GRID CORPORATION OF INDIA LIMITED -1.17% 190.4 Delayed Quote.35.30%
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Analyst Recommendations on POWER GRID CORPORATION OF INDIA LIMITED
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Financials
Sales 2022 407 B 5 436 M 5 436 M
Net income 2022 155 B 2 063 M 2 063 M
Net Debt 2022 1 172 B 15 641 M 15 641 M
P/E ratio 2022 9,48x
Yield 2022 6,56%
Capitalization 1 327 B 17 708 M 17 723 M
EV / Sales 2022 6,14x
EV / Sales 2023 5,66x
Nbr of Employees 8 766
Free-Float 48,7%
Chart POWER GRID CORPORATION OF INDIA LIMITED
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Power Grid Corporation of India Limited Technical Analysis Chart | POWERGRID | INE752E01010 | MarketScreener
Income Statement Evolution
Consensus
Mean consensus -
Number of Analysts 0
Last Close Price 190,30 
Average target price
Spread / Average Target -
EPS Revisions
Managers and Directors
Kandikuppa Sreekant Chairman & Managing Director
Mohammed Taj Mukarrum Chief Financial Officer & Executive Director
P.V. Nath Chief Information Security Officer
Arun K. Mishra Executive Director-Technology Development
Seema Gupta Operations Director & Executive Director
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