Cabinet gives nod TO PowerGrid

Proposal for a follow-on public offer (FPO) of Rs 7,300 crore in Power Grid Corporation has been cleared by the Union Cabinet. The proposal includes the raising of 13 per cent fresh equity by the company and a 4 per cent stake sale by the government. It will also help raise funds worth Rs 5,600 crore, which will meet its investment programme for the next two financial years. Contact: Power Grid Corporation. Tel: 0124-257 1700. Website: www.powergridindia.com