India’s principal power transmission company, Power Grid Corporation of India (PGCIL), has announced a price band of Rs 44-52 per share for its initial public offering (IPO), which opens on September 10 and closes on September 13.
The IPO, likely to mobilise Rs 3,000 crore, consists of 57.39 crore equity shares of Rs 10 each at a price to be decided through a 100 per cent book-building route.
The issue comprises a fresh issue of up to 38.26 crore equity shares and an offer for sale of up to 19.1 crore equity shares. It comprises a net issue to the public of up to 55.99 crore equity shares and 13,978,000 shares for subscription by PowerGrid employees.
R P Singh, chairman and managing director, PowerGrid, said the net proceeds of the fresh issue would be utilised for 15 identified transmission projects in various stages of implementation, worth Rs 12,707 crore. These projects would be funded with a debt-equity ratio of 70:30 in accordance with regulatory norms.
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