Cabinet approves share sale in Power Grid - minister

Reuters

NEW DELHI (Reuters) - The cabinet has approved state-run Power Grid Corp of India's(NSI:POWERGRID.NS - News) plan for a secondary share sale, which will include the government divesting 4 percent of its stake, Power Minister Jyotiraditya Scindia said on Thursday.

In September, Power Grid said in a statement to the Bombay Stock Exchange that it will also issue 601.9 million new shares, or 13 percent of its existing paid-up capital, as part of the follow-on share sale.

The government's divestment of a 4 percent stake in the company is part of New Delhi's plan to raise 400 billion rupees through sale of its shares in state companies in the current fiscal year ending March 2014. (Reporting by Nigam Prusty; editing by Malini Menon)

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