IPOs of Power Grid, PFC and REC in Q4

New Delhi, Nov 23 (UNI) The government today said that the Initial Public Offerings (IPOs) of power sector utilities-- Power Grid Corporation of India (PGCIL), Power Finance Corporation (PFC) and Rural Electrification Corporation (REC) would hit the market in the fourth quarter of this fiscal and would pump in additional equity into these companies and dilute government holdings.

Speaking to reporters after a Cabinet Committee on Economic Affairs (CCEA) meeting, Finance Minister P Chidambaram said the PGCIL IPO will not exceed 24 per cent dilution of government holdings.

The PFC IPO will be 10.22 per cent of the post issue capital with the equity shares numbering 11,73,16,700.

The REC IPO will be of 15.6 crores equity shares of which 20 per cent will be paid up capital.

''The Ministry of Power will decide upon the exact timing and the price band etc,'' Mr Chidambaram said UNI RT RP ND2126