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New Delhi, Aug. 22 Power transmission major PowerGrid Corporation of India Ltd on Wednesday filed its red herring prospectus with market regulator SEBI for an initial public offering.

The State-owned company is likely to hit the market with the IPO in the second week of September. The offer would constitute 10 per cent of fresh equity comprising 38.26 crore shares and sale of five per cent stake by the Government, amounting to 19.13 crore shares. Of the total issue size to 57.39 crore, about 1.39 crore shares have been reserved for employees.

PGCIL is the third central power utility to tap the capital market for raising funds after NTPC in 2004 and Power Finance Corporation (PFC) early this year.

The company will issue shares at a price to be decided through the book building process and the shares will be listed on Bombay Stock Exchange and National Stock Exchange. Kotak Mahindra Capital Company Ltd, Citigroup Global Markets India and Enam Financial Consultants are the lead managers to the issue.

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