The Cabinet Committee on Economic Affairs have cleared the IPO offerings of the following PSU companies.
- Power Finance Corporation Ltd – 11,73,16,700 shares equivalent to 10.22% of post-equity capital.
- Power Grid Corporation of India Ltd – Fresh issue of shares which will not exceed 24% of the paid-up equity capital of the company.
- Rural Electrification Corporation Ltd – Issue of 15.6 crore shares which is about 20% of the post-equity capital.
- Bharat Earth Movers Ltd – 49,00,000 equity shares at a price to be determined by current market price of BEML during the issue.
All of these IPOs are likely to hit the market in between Jan-07 and March-07. Stay tuned for more developments.