India’s principal power transmission company and Mini-Ratna Category-I public sector undertaking, Power Grid Corporation of India has fixed the issue price at Rs 52 (the upper end of the price band of Rs 44-52) for its initial public offering (IPO) of 573,932,895 equity shares of Rs 10 each for cash at a price that was decided through a 100% book building process.
The issue closed on September 13, 2007, and it was subscribed 64.82 times. The qualified institutional bidders (QIBs) portion was subscribed around 115.90 times; the non-institutional investors portion was subscribed around 40.34 times while the retail investors portion was subscribed around 6.77 times and employees was subscribed 2.66 times.
The issue comprised a fresh issue of up to 382,621,930 equity shares by the company and an offer for sale of up to 191,310,965 equity Shares by The President Of India acting through The Ministry Of Power, Government of India. The issue comprised 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 of the company.
The issue constitutes approximately 13.64% of the fully diluted post- issue capital of the Company. After the Issue, the Government of India, through the Ministry of Power will continue to hold 86.36% of the diluted post-issue paid-up equity capital of the company.
The equity shares of the company are proposed to be listed on the BSE and NSE.
The book running lead managers to the issue are: Kotak Mahindra Capital Company Limited, Citigroup Global Markets India Private Limited and Enam Securities Private Limited.
Power Grid Corporation of India owns and operates most of India’s interstate and inter-regional electric power transmission system. In that capacity, as at June 30, 2007 the company owned and operated 61,875 circuit kilometres of electrical transmission lines and 106 electrical substations. In Fiscal 2007, the Company transmitted approximately 298 billion units of electricity, representing approximately 45% of all the power generated in India.
The issue closed on September 13, 2007, and it was subscribed 64.82 times. The qualified institutional bidders (QIBs) portion was subscribed around 115.90 times; the non-institutional investors portion was subscribed around 40.34 times while the retail investors portion was subscribed around 6.77 times and employees was subscribed 2.66 times.
The issue comprised a fresh issue of up to 382,621,930 equity shares by the company and an offer for sale of up to 191,310,965 equity Shares by The President Of India acting through The Ministry Of Power, Government of India. The issue comprised 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 of the company.
The issue constitutes approximately 13.64% of the fully diluted post- issue capital of the Company. After the Issue, the Government of India, through the Ministry of Power will continue to hold 86.36% of the diluted post-issue paid-up equity capital of the company.
The equity shares of the company are proposed to be listed on the BSE and NSE.
The book running lead managers to the issue are: Kotak Mahindra Capital Company Limited, Citigroup Global Markets India Private Limited and Enam Securities Private Limited.
Power Grid Corporation of India owns and operates most of India’s interstate and inter-regional electric power transmission system. In that capacity, as at June 30, 2007 the company owned and operated 61,875 circuit kilometres of electrical transmission lines and 106 electrical substations. In Fiscal 2007, the Company transmitted approximately 298 billion units of electricity, representing approximately 45% of all the power generated in India.
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