The qualified institutional buyers category was subscribed 4.63 times. The total bids in this category were for 129.86 crore shares as against 27.99 crore shares offered.

The non institutional investors category was subscribed 0.17 times. The total bids in the category were for 1.45 crore shares as against 8.39 crore shares assigned for this category.

The retail investors category was subscribed 0.40 times. The total bids in the category were for 8.03 crore shares compared to 19.59 crore shares allotted for this category.

The issue will close on 13 September 2007. At the offer price band of Rs 44-Rs 52, the PE range works out to 17-20.10, based on FY 2007 EPS of Rs 2.60.

The issue constitutes 13.64% of the fully diluted post-issue capital of the company. Along with the IPO, the government is also selling 5% of its shares in the company.

Power Grid Corporation of India owns and operates most of Indias interstate and inter-regional electric power transmission system. In that capacity, as at June 30, 2007 the company owned and operated 61,875 circuit kilometres of electrical transmission lines and 106 electrical substations. In fiscal 2007, the company transmitted approximately 298 billion units of electricity, representing approximately 45% of all the power generated in India.

The net proceeds of the fresh issue shall be utilised for 15 identified transmission projects of the company. The estimated cost of these projects as on July 31, 2007 is approximately Rs 12,707.5 crore. These projects are proposed to be funded with a debt-equity ratio of 70:30 in accordance with CERC norms. The equity component of the identified projects is to be funded by a combination of internal accruals of the company and the proceeds of the fresh issue.

The company registered net profit of Rs 453.91 crore on sales of Rs 975.46 crore in Q1 June 2007. It clocked net profit of Rs 1087.65 crore on sales of Rs 3589.85 crore in FY 2007 (year ended 31 March 2007).

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