Power Grid plans to raise upto Rs2980 cr in IPO

Power Grid plans to raise upto Rs2980 cr in IPO
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First Published: Tue, Aug 28 2007. 02 20 PM IST
Updated: Tue, Aug 28 2007. 02 20 PM IST
Mumbai: State-run Power Grid Corp of India said on 28 August it plans to raise up to Rs2984 crore in an initial public offer of 573.9 million shares.
The offer, set to open on 10 September and close on 13 September, would be priced in the band of Rs44-52 a share, the company said in a statement .
The issue would constitute a fresh offer of up to 382.6 million shares and sale of 191.3 million shares by the government. The federal government’s holding would fall to 86.36% from 100% after the issue, it said.
Power Grid plans to use the money to fund 15 transmission projects worth Rs12700 crore, it said in its offer document.
Kotak Mahindra Capital Co Ltd, Citigroup and Enam Financial Consultants are the lead managers to the issue.
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First Published: Tue, Aug 28 2007. 02 20 PM IST