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Power Grid IPO by year-end
Our Bureau
New Delhi, April 6
Power Grid Corporation of India Ltd (PGCIL) said on Thursday that it would enter the financial markets with an initial public offering by the year-end. ``We are looking at an IPO. We think it will definitely be before the end of 2006,'' the Chairman and Managing Director, Mr R.P. Singh, said here. Although the Government has taken no decision so far, the public offer is likely to be on the same lines as the other power sector companies, National Thermal Power Corporation (NTPC) and Power Finance Corporation (PFC), he said. Both NTPC, which was listed on the bourses in November 2004, and PFC, which is slated to enter the market by June this year, followed the model wherein the Government divested some equity along with issue of fresh shares. Mr Singh, however, declined to divulge how much the company was hoping to raise from the issue or the likely price band. PGCIL recorded a net profit of Rs 725 crore in 2004-05 and Rs 748 crore in 2003-04. It recorded a turnover of Rs 2,788 crore in 2004-05 compared with Rs 2,805 crore in 2003-04.
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