Power Grid Corp plans an IPO this year
New Delhi: State-owned transmission giant Power Grid Corporation is coming out with an initial public offering by the end of this year. Though no decision has been taken by the Government as yet, the offer could be on lines of other power sector companies like NTPC and Power Finance Corporation.

Both NTPC, which listed in November 2004, and PFC, which will hit the market by June this year, followed the same model in which the Government divested some equity along with issue of fresh shares. NTPC had issued 5.25 per cent new shares and the government also divested 5.25 per cent of its stake. In the case of PFC, the government is divesting 5 per cent along with the company's issue of 10 per cent fresh shares. A fresh equity of 10 per cent by PGCIL would mean that it could raise about Rs 320 crore on a face value of Re 1 a share.

PGCIL recorded a net profit of Rs 725 crore in 2004-05 and Rs 748 crore in 2003-04. The company recorded a turnover of Rs 2,788 crore during 2004-05, compared with Rs 2,805 crore during 2003-04.
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Noida Toll Bridge GDRs placing
New Delhi: Noida Toll Bridge Company has said that it has given a notice to exercise the over-allotment arrangements in respect of a further 1,136,363 global depository receipts (GDRs) at the placing price of $3.96 each.

The company intends to admit an additional 1,136,363 GDRs to trading on April 10.

Including the exercise of the over-allotment arrangements, the total size of the placing is $49,499,996 (12,499,999 GDRs). Each GDR represents 5 ordinary shares in the capital of the company. The company's existing ordinary shares are listed on the Bombay Stock Exchange (BSE) and the National Stock Exchange of India (NSE). The company intends to apply for the ordinary shares represented by the GDRs to be listed on the BSE and NSE.
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