Business Daily from THE HINDU group of publications
Wednesday, Aug 29, 2007
ePaper
Business Daily from THE HINDU group of publications Wednesday, Aug 29, 2007 ePaper |
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Industry & Economy
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Power Markets - IPOs Corporate - New Projects
Funding projects: The Power Secretary, Mr Anil Razdan (right), with the PowerGrid Managing Director, Dr R. P. Singh, at a press conference announcing the company’s IPO in Mumbai on Tuesday. – Paul Noronha
Our Bureau Mumbai, Aug 28 Power Grid Corporation of India Ltd (PGCIL), leading public sector transmission company, will launch its IPO from September 10 to raise nearly Rs 3,000 crore to part-finance its transmission projects. The price band for the issue has been fixed between Rs 44 and Rs 52 per equity share. The issue closes on September 13. The IPO hits the market with 57,39,32,895 equity shares of Rs 10 each. The issue constitutes 13.64 per cent of the fully diluted post-issue capital of the company. The proceeds would be used to part-finance 15 projects that entail a total investment of Rs 12,280 crore. Debt-equity ratio
Dr R.P. Singh, Chairman and Managing Director of PGCIL, said the projects are to be funded in a debt-equity ratio of 70:30. The equity is to be funded by a combination of internal accruals and proceeds from the fresh issue. The company owns and operates 61,875 circuit km of transmission lines. The proposed 15 projects would enhance its transmission system by 13,022 circuit km, he said. Investment
Dr Singh said the company plans to invest Rs 55,000 crore over the next five years for transmission and telecommunications projects. The company was very bullish on power transmission consultancy services, which has a good market in India and overseas, he said.
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