MUMBAI, Sept 13 (Reuters) - State-run Power Grid Corp of
India said on Friday that the ministry of power has
sought the federal cabinet's approval for a secondary share
sale, which will include the government divesting 4 percent of
The company 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, Power Grid said in a statement to the
Bombay Stock Exchange.
The government's divestment of a 4 percent stake in the
company is part of New Delhi's plan to raise 400 billion rupees
($6.28 billion) through sale of its shares in state companies in
the current fiscal year ending March 2014.
The power ministry has asked Power Grid to appoint banks for
the share sale.
($1 = 63.6700 Indian rupees)
(Reporting by Subhadip Sircar; Editing by Sumeet Chatterjee)