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Govt invites banks to manage Power Grid FPO

Govt invites banks to manage Power Grid FPO
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First Published: Mon, Jul 12 2010. 04 40 PM IST
Updated: Mon, Jul 12 2010. 04 40 PM IST
Mumbai: Government has invited bids for appointing up to four banks to manage a follow-on public offering in state-run Power Grid Corp of India.
Banks will have to submit bids by 23 July, according to a notice on the website of the department of disinvestment, seen by Reuters on Monday.
The short-listed ones are required to make presentations before the Power Grid management on 2-3 August, said the department, which manages stake sale in state-run firms.
A timeframe for the final selection was not indicated.
The government, which owns 86.4% of the central power transmission utility, plans to divest 10% through the offer, while the company will issue fresh shares accounting for 10% of the equity capital, the notice said.
Power Grid’s share sale is part of the Indian government’s efforts to offload stakes in roughly 60 state-run companies over the next few years.
Another state-run firm, Engineers India, will launch its follow-on share sale to raise up to $270 million on 27 July, two sources with direct knowledge of the deal said earlier on Monday.
ICICI Securities, HSBC Securities, IDFC Capital, and SBI Capital are the lead managers of the issue.
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First Published: Mon, Jul 12 2010. 04 40 PM IST