<p>"The price band for PowerGrid has been fixed between Rs 85-90," Power Minister Sushilkumar Shinde said after meeting of Group of Ministers here.<br /><br />The FPO comprises over 84 crore (84,17,68,246) equity shares of Rs 10 each constituting 20 per cent of existing paid-up capital. At the upper end of the price band, the issue will fetch up to Rs 7,600 crore.<br /><br />The follow-on public offer of the company hits the market on November 9. The bid closes on November 11 for institutional investors and on November 12 for retail and non-institutional bidders.<br /><br />The company plans to raise 10 per cent fresh equity, while the government is likely to offload 10 per cent of its 86.36 per cent stake in PowerGrid.<br /><br />Besides disinvestment of the government stake, the fresh capital raising would be used for part funding investment requirement of about Rs 58,000 crore of the PSU.<br /><br />The PSU has already tied up 86 per cent of the funds required for its capex plan and the remaining amount will be raised through the FPO and bonds issues.<br /><br />The company aims to augment transmission capacity to 23,400 MW in the current fiscal from 19,800 MW at present.<br /><br />On the transmission side, the company had been awarded Rs 7,000 crore worth of projects. It hopes to bag projects worth Rs 14,000 crore in FY'11.<br /><br />The company had hit the capital market in October, 2007, with its maiden public offer. The government had divested 5 per cent of its stake in the company at that time.</p>
<p>"The price band for PowerGrid has been fixed between Rs 85-90," Power Minister Sushilkumar Shinde said after meeting of Group of Ministers here.<br /><br />The FPO comprises over 84 crore (84,17,68,246) equity shares of Rs 10 each constituting 20 per cent of existing paid-up capital. At the upper end of the price band, the issue will fetch up to Rs 7,600 crore.<br /><br />The follow-on public offer of the company hits the market on November 9. The bid closes on November 11 for institutional investors and on November 12 for retail and non-institutional bidders.<br /><br />The company plans to raise 10 per cent fresh equity, while the government is likely to offload 10 per cent of its 86.36 per cent stake in PowerGrid.<br /><br />Besides disinvestment of the government stake, the fresh capital raising would be used for part funding investment requirement of about Rs 58,000 crore of the PSU.<br /><br />The PSU has already tied up 86 per cent of the funds required for its capex plan and the remaining amount will be raised through the FPO and bonds issues.<br /><br />The company aims to augment transmission capacity to 23,400 MW in the current fiscal from 19,800 MW at present.<br /><br />On the transmission side, the company had been awarded Rs 7,000 crore worth of projects. It hopes to bag projects worth Rs 14,000 crore in FY'11.<br /><br />The company had hit the capital market in October, 2007, with its maiden public offer. The government had divested 5 per cent of its stake in the company at that time.</p>