Power Grid Corporation of India Limited IPO to hit markets on September 10, 2007

The Initial Public Offering (IPO) of Power Grid Corporation of India Limited will hit markets for subscription by investors on September 10, 2007. The Company is coming out with an IPO of 573,932,895 Equity Shares of Rs.10 each for cash at a price band of Rs.44/- to Rs.52/- per share through 100% book building process.

The issue comprises a fresh issue of up to 382,621,930 equity shares by Power Grid and an offer for sale of up to 191,310,965 equity shares by President of India acting through the Ministry of Power, Government of India.

The issue comprises a net issue to the public of up to 559,954,895 equity shares and a reservation of up to 13,978,000 equity shares for subscription by employees at the issue price. The issue shall constitute approximately 13.64% of the fully diluted post-issue capital of Power Grid.

The Book Running Lead Manager to the issue is Kotak Mahindra Capital Company Ltd, ENAM Securities Pvt Ltd and Citi Group Global Markets India Pvt Ltd. The Registrar to the issue is Karvy Computershare Pvt Ltd.

The company's shares are proposed to be listed in Bombay Stock Exchange (BSE) and National Stock Exchange (NSE).

The IPO opens for subscription on September 10, 2007 and closes for subscription on September 13, 2007.

Click Here to View Power Grid Corporation of India Limited Website.

Click Here to view Power Grid Corporation of India Limited Prospectus.

Source : Equity Bulls

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