Power Grid Corporation Public issue to open on Sept 10

Bangalore, Aug 30 (UNI) Public Sector Power Grid Corporation of India will be entering the capital market with an Initial Public Offer (IPO) of 573,932,895 equity shares at Rs ten each for cash at a price to be decided through a 100 per cent book building.

Talking to newsmen here, Corporation Executive Director (Business Development) A R Agarawal told newsmen here today that the issue comprises fresh issue of 382,621,930 equity shares and an offer for sale of 191,310,95 equity shares by the President of India acting through the Ministry of Power.

The price band for the issue, which opens for subscription on September 10 and closes on September 13, has been fixed between Rs 44 and Rs 52 per equity share, he added.

Mr Agarwal said that the issue comprises a net issue to the public of upto 559,954,895 equity shares and a reservation of upto 13,978,000 equity shares for subscription by employees of the company.

He said the company plans to invest Rs 550 billion in power trasmission in the next five years.

UNI