Chennai: Central Transmission utility PowerGrid Corp (PGCIL) said on 7 September it plans to invest Rs55,000 crore in the next five years to expand the national grid capacity to transmit 37,000 MW of electricity by 2012.
To part finance these projects, PGCIL is coming up with its initial public offer, which would open for subscription on 10-13 September. The price band for the issue has been fixed at Rs44-52.
The company hopes to raise up to Rs3,000 crore at the upper end and Rs2,500 crore at the lower from its IPO, PGCIL executive director (Business Development) A R Agarwal said.
“The price band for the issue has been fixed between Rs44 and Rs52 per equity share,” he said.
The proceeds would be used to part finance 15 projects that entail a total investment of Rs12,280 crore.
PGCIL owns and operates 61,875 circuit km of transmission lines. The proposed 15 projects would enhance its transmission system by 13,022 circuit km. The company currently has inter-regional electricity transfer capacity of around 14,000 MW and plans to scale it up to 37,000 MW.