Power Grid Corporation to enter capital market on Sep 10

Mumbai, Aug 28 (UNI) India's principal power transmission company Power Grid Corporation of India Limited (PCIL) is planning to raise Rs 2,984 crore from an initial public offering (IPO) of 57.39 crore shares.

The offer, set to open on September 10 and close on September 13, has been priced in the band of Rs 44-52 per share, PCIL Chairman and Managing Director Dr R P Singh said here today.

Addressing a press conference followed by a detailed presentation, Mr Singh said that the proposed IPO would constitute a fresh offer of up to 38.26 crore shares and sale of 19.13 crore shares by the government.

The government's holding would fall to 86.36 per cent from 100 per cent after the issue.

The equity shares of the company would be listed on both leading exchanges of the country, the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE).

UNI