Also read: Power Grid share sale likely to open on Dec 3: Sources
Power Grid Corporation of India Ltd has said that increasing the limit would provide more headroom for investments by Foreign Institutional Investors (FIIs) in the company.
In the postal ballot notice sent to shareholders, the utility has said that present holding of FIIs in the company is about 16 per cent of paid up capital. FIIs holding has been on the rise since the company's FPO in 2010.
To "make more headroom for FIIs", it is proposed to increase their shareholding limit in the company to 30 percent from 24 per cent of the paid up capital, according to Power Grid.
Further, the firm has said that increasing the limit would also enable FIIs to acquire shares within the proposed limit of 30 per cent of paid-up capital under the portfolio investment scheme of the Reserve Bank of India.
Besides, the company has sought approval from shareholders to increase borrowing limits to Rs 1,30,000 crore from current cap of Rs 1,00,000 crore.
Both proposals were approved by Power Grid's board of directors during their meeting held on October 23.
Meanwhile, the central transmission utility, which is expected to come out next month with its FPO, would see issue of 13 per cent fresh equity besides government selling four per cent stake in the offering.
The company would issue fresh 60.18 crore shares while the government would sell 18.51 crore scrips through the FPO, which was cleared by the Cabinet earlier this month. Power Grid came out with its initial public offering in October 2007.
Power Grid Corp stock price
On November 27, 2013, Power Grid Corporation of India closed at Rs 92.15, down Rs 1.8, or 1.92 percent. The 52-week high of the share was Rs 121.05 and the 52-week low was Rs 86.70.
The company's trailing 12-month (TTM) EPS was at Rs 9.76 per share as per the quarter ended September 2013. The stock's price-to-earnings (P/E) ratio was 9.44. The latest book value of the company is Rs 56.68 per share. At current value, the price-to-book value of the company is 1.63.
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