August 30, 2008

PGCIL plans to raise INR 2,980 crore through IPO

It is reported that Power Grid Corporation of India Limited is planning to raise up to INR 2,984 crore in an initial public offer of 5.7 crore shares. The offer, set to open on September 10th 2007 and close on September 13th 2007, would be priced in the band of INR 44 to INR 52 per share.

The issue would constitute a fresh offer of up to 3.8 crore shares and sale of 1.9 crore shares by government and Indian government's holding would fall to 86.36% from 100% after the issue.

Power Grid is planning to use the money to fund 15 transmission projects worth INR 12,700 crore.

Kotak Mahindra Capital Co Ltd, Citigroup and Enam Financial Consultants are the lead managers to the issue.