State-run Power Grid Corp of India said on Tuesday it plans to raise up to Rs 29.84 billion in an initial public offer of 573.9 million shares.
The offer, set to open on September 10 and close on September 13, would be priced in the band of Rs 44-52 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 government's holding would fall to 86.36 per cent from 100 per cent after the issue, it said. Power Grid plans to use the money to fund 15 transmission projects worth Rs 127 billion, it said in its offer document.
Kotak Mahindra Capital Co Ltd, Citigroup and Enam Financial Consultants are the lead managers to the issue.
The offer, set to open on September 10 and close on September 13, would be priced in the band of Rs 44-52 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 government's holding would fall to 86.36 per cent from 100 per cent after the issue, it said. Power Grid plans to use the money to fund 15 transmission projects worth Rs 127 billion, 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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