Power Grid Corporation of India has received its members’ nod to raise the limit of holdings by foreign institutional investors to 30% from 24% currently. The company's shareholders also approved a proposal to increase the company's borrowing limit to Rs 1,30,000 crore from the current cap of Rs 1,00,000 crore.
Last month, the company had said that increasing the limit would provide more headroom for FII investments in the company. FII holdings have been on the rise since the company's first follow-on public offer in 2010.
At the end of September 2013, the promoters holding in the company stood at 69.42% while institutions and non-institutions held 23.69% and 6.88% stake in the company, respectively.
Power Grid is engaged in bulk power transmission and its responsibility include planning, coordination, supervision and control over inter-State transmission system and operation of National and Regional Power Grids.
Last month, the company had said that increasing the limit would provide more headroom for FII investments in the company. FII holdings have been on the rise since the company's first follow-on public offer in 2010.
At the end of September 2013, the promoters holding in the company stood at 69.42% while institutions and non-institutions held 23.69% and 6.88% stake in the company, respectively.
Power Grid is engaged in bulk power transmission and its responsibility include planning, coordination, supervision and control over inter-State transmission system and operation of National and Regional Power Grids.
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