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The board approved to raise funds for its investment programme by issuing 694 million equity shares through FPO.
Power Grid Corporation of India has tanked 13% to Rs 89 after its board approved to raise funds for its investment programme by issuing equity shares through follow on public offer (FPO).
The board of state-owned electric utilities company at its meeting held on August 01, 2013, has approved the FPO of 15% of existing paid up share capital comprising fresh issue of 694 million equity shares, for augmenting resources of company to fund its investment programme, Power Grid Corporation said in a filing.
The fund raising is subject to necessary approval of Government of India, it added.
The stock opened at Rs 99 and hit a low of Rs 87.75, its lowest level since February 2009, on BSE. A combined around one million shares changing hands on the counter till early noon deals on BSE and NSE.
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