For the proposed stake sale of Power Grid Corporation of India, the Department of Disinvestment (DoD) appointed five merchant bankers – Citigroup Global Markets, ICICI Securities, Kotak Investment Banking, SBI Capital Markets and UBS Securities.
The merchant bankers will aide the government in Rs. 7,700 Crore stake sale program.
According to sources, nine bankers, including Axis Capital, Barclays Capital, HSBC Securities and IDBI Capital, had shown interest early last week and submitted their bids for the proposal.
The Government intends to dilute 4% (18.51 crore shares) of its existing equity paid-up capital and, in addition, issue fresh shares representing 13% of the pre-issue equity (60.18 crore shares) in the state-owned electric utilities company, which could help the government fetch R7,725 crore at the current market price.
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http://www.financialexpress.com/news/power-grid-stake-sale-dod-names-5-bankers/1176458
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