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Wednesday, April 18, 2007

PowerGrid files draft prospectus for IPO

Power Grid Corporation of India (PGCIL) filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for its initial public offer and partial divestment of Government equity in the company.

PGCIL would issue 10% fresh equity and the Government would disinvest 5% stake in the company. Currently, the Central Government holds 100% stake in the company.

Earlier the Finance Ministry had indicated that the power PSUs in which Government stake is being partially diluted would hit the market by the end of the first quarter.

PGCIL has a paid-up capital of Rs 3,800 crore. The shares would have a face value of Rs 10 each and the premium would be decided through the book building route.

The company posted a net profit of Rs 799 crore for 2006-07 and plans to make total investment of Rs 55,000 crore during 2007-12 to take inter-regional power transmission capacity to 37,000 MW from the present level of approximately 12,000 MW, reports The Hindu Business Line.

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