Power Grid Corporation of India Ltd (PGCIL), India’s biggest power transmission Company has filed its Red Herring Prospectus with Securites and Exchange Board of India (SEBI) on 22nd August for its Initial Public Offering (IPO) to raise an estimated amount of Rs 580 crores.
Power Grid Corporation is to issue 57.39 crore equity shares of Rs 10 each that includes the stake sale by the Government for 19.13 Crore shares and 38.26 crore fresh shares in offer by Power Grid Corporation. 1.39 crore share are reserved for the employees and the issue to the public on offer is 55.99 crore shares.
The proceeds of the PGCIL IPO would be used to part finance its expenditure requirements.  IPO price has not yet been decided and the price would be decided through the book building process, to be announced before the IPO date. Booki Running lead managers for the company are Kotak Mahindra Capital Company Ltd,Citigroup global markets India and Enam Financial Consultants.
Post IPO the Power Grid Corporation Ltd shares are to be listed on Bombay Stock Exchange and National Stock Exchange.
 For further updates on Power Grid Corporation Ltd IPO, Subscription/Oversubscription, Allotment details and Listing dates do check this blog regularly.
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