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New Delhi May 18 State-owned transmission major Power Grid Corporation of India Ltd (PGCIL), which is slated to hit the capital market in June with its initial public offering, on Friday reported a 21.80 per cent increase in its profit for 2006-07 at Rs 1,229 crore (Rs 1,009 crore).

The turnover rose 14.85 per cent to Rs 4,082 crore (Rs 3,554 crore), the company said in a statement.

PGCIL had filed its Draft Red Herring Prospectus with SEBI for its public float and divestment of Government equity on April 17. PGCIL would issue 10 per cent fresh equity in the market, while the Government would sell five per cent stake in the company.

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