The state owned utility firm, Power Grid Corporation is expected to issue its follow-on public offer in the second week of the November. The chairman and managing director of the firm, S. K. Chaturvedi has made this announcement in his statement on Wednesday. This issue will reportedly follow the initial public offer of Coal which is one of the biggest equity offering.

The share price of the company rose by 1.6% on this news in the Nifty even if Nifty fell by 0.63% on that day. The government wants to bring the state owned companies on to the market to take advantage as soon as possible.

The chairman of the utility firm said “we are hoping to raise Rs. 8600 crore by bringing the FPO in the November but Rs. 4300 crore of the total funds will go to the government and rest of the fund will come to us”.

Mr. Chaturvedi said this in his statement on the sideline of a power conference arranged by the Indian Electricals & Electronics Manufacturer Association (IEEMA) and PowerGrid. The company has planned to use the fund gained by FPO in its new projects in various part of the country.