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October 05, 2007 10:44 IST
Power Grid Corporation of India Limited got listed on Friday at Rs 85 at the Bombay Stock Exchange with a premium of 63.46 per cent over its issue price of Rs 52.
Within minutes of listing, the scrip of the country's biggest transmission utility touched a high of Rs 100 and as many as 28.86 lakh shares changed hands at the BSE.
At the National Stock Exchange, the scrip got listed at Rs 89.80, touched a high of Rs 99.90 and over 8.36 crore shares were traded.
The company got listed with over 420.88 crore equity shares at an issue price of Rs 52 per share.
The proceeds would be used to part finance 15 projects that entail a total investment of Rs 12,280 crore (Rs 122.8 billion). PGCIL owns and operates 61,875 circuit kms of transmission lines.
The proposed 15 projects would enhance its transmission system by 13,022 circuit km.
The company has inter-regional electricity transfer capacity of around 14,000 MW and plans to scale it up to 37,000 MW.
PGCIL is the third central power utility to tap the capital market for raising funds after NTPC Ltd [Get Quote] in 2004 and Power Finance Corporation [Get Quote] early this year.
As in the cases of NTPC and PFC, the government will piggyback on PGCIL IPO to divest five per cent of its stake.
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