To,
Registrar,
(Power Grid Corporation of India Ltd, Application # is: -
32741538)

Sub: - To get refund order of IPO
App: - Jitendra Karbhari Aher.

Sir,
I have applied for the shares of POWER GRID in IPO. Yet I have not
received any refund order or share allotment.
After 90 days also I have not received any refund order. So
please consider my application please at lot me share or send refund
order with interest along with. I am requesting you so send me refund
order or direct credit in my ICICI Bank A/C witch is already mention in
application.
I have send application over 25 days,for einward.ris@kavry.com
What is the problem?
** Fist e-mail is send over 25 days but not reply
Application # is: - 32741538
please check the attach file.

Plaese Check Over Det

Cheque Det
Cheque No: - 664094 (HDFC Bank)
Amount: - 6,500/-

Demat A/C Det
ICICI Bank LTD.Demat Account number: IN303028-52583570
ICICI Bank A/C #: - 018201504795

Press Trust of India / New Delhi September 5, 2007

Power Grid Corporation of India (PGCIL), which is hitting the stock market with its initial public offer next week, plans to mobilise about $3 billion (Rs 12,500 crore) from World Bank and ADB to fund various projects during the 11th Five-Year plan.

PGCIL plans to take a loan of about $2 billion (Rs 8,350 crore) from World Bank and $1 billion (Rs 4,150 crore) from Asian Development Bank, power minister Sushil Kumar Shinde said in a written reply in the Rajya Sabha today.

The country’s biggest transmission utility took the first tranche of $400 million from World Bank in December 2006 and is considering availing the second tranche of $600 million during 2007.

ADB’s $1 billion loan is to part-finance the National Grid Development Programme, which will cost $2.57 billion. ADB has proposed to provide a multi-trache sovereign guaranteed loan of $800 million and a non- sovereign loan of $200 million.

Shinde said the sovereign loan would be under the multi-tranche financial facility of ADB, whereby the agency provides individual loans to finance the sub-projects as and when they are ready for financing and a request is made.

Power Grid Corp will launch its IPO on September 10 for raising an estimated Rs 3,000 crore.

The country requires more than Rs 70,000 crore during 2007-12 for expanding and upgrading the electricity transmission network. Of this, only about Rs 20,000 crore would be invested by private players and the remaining would have to be spent by Power Grid and other public sector utilities.

Its details would be declared in a separate statement, along with the results.

The temporary parking of funds would be monitored through a laid- down policy of the company board.

According to the company’s offer document, net proceeds from the sale of 10% (of the pre-issue paid-up capital) fresh equity would be used for 15 identified power transmission projects.

The projects include strengthening of existing transmission lines or grid projects for establishing new transmission lines connecting new generating plants and one project for the implementation of the National Load Despatch Centre.

The offer, set to open on September 10 and close on September 13, would be priced in the band of Rs 44-52 a share, the company said in a statement.

The issue would constitute a fresh offer of up to 382.6 million shares and sale of 191.3 million shares by the government.

The government’s holding would fall to 86.36 per cent from 100 per cent after the issue, it said. Power Grid plans to use the money to fund 15 transmission projects worth Rs 127 billion, it said in its offer document.

Kotak Mahindra Capital Co Ltd, Citigroup and Enam Financial Consultants are the lead managers to the issue.

BS Reporter / New Delhi August 28, 2007

India’s principal power transmission company, Power Grid Corporation of India (PGCIL), has announced a price band of Rs 44-52 per share for its initial public offer (IPO). The offer opens on September 10 and closes on September 13, 2007.

The IPO, which is likely to mobilise around Rs 3,000 crore, consists of 57.39 crore equity shares of face value Rs 10 each at a price to be decided through a 100% book building process.

The IPO comprises a fresh issue of up to 38.26 crore equity shares and an offer for sale of up to 19.1 crore equity shares. It comprises a net issue to the public of up to 55.99 crore equity shares, and a reservation of up to 13, 978,000 equity shares for subscription by employees.

“The net proceeds of the fresh issue shall be utilised for 15 identified transmission projects in various stages of implementation, worth Rs 12,707 crore. These projects are proposed to be funded with a debt-equity ratio of 70:30 in accordance with regulatory norms,” R P Singh, chairman and managing director, said.

The issue shall constitute approximately 13.64% of the fully diluted post- issue capital. After the issue, the government, through the power ministry, will hold 86.36% stake in the power company.

The company will be listed on the Bombay Stock Exchange (BSE) and the National Stock Exchange of India (NSE). The book running lead managers for the issue are Kotak Mahindra Capital, Citigroup Global Markets and Enam Securities.

PGCIL currently owns and operates 61,875 circuit kilometres of electrical transmission lines and 106 electrical substations. The company has also diversified into telecommunications and the consultancy business. It owns and operates a fibre-optic cable network of 19,000 kilometres connected to 60 cities.

The company generated revenues of Rs 4,080 crore in 2006-07 and for the first quarter of 2007-08, the company posted revenues of Rs 1,050 crore.

Sources in the department of disinvestment said though the fund does not have any corpus as of now, it will get the funding from the forthcoming IPOs of three power companies, including those of PGCIL and NHPC where the government plans to sell 5% each.

“Parliament has also been apprised of the progress and we expect to get the initial corpus by October this year as all the roadblocks in the way of PGCIL’s initial offer have been removed,” a finance ministry official said. “All the administrative problems have been solved and the fund managers will start operating the fund as soon as the IPOs are announced,” the official said. The government has appointed three fund managers for the NIF : — LIC Mutual Fund, SBI Mutual Fund and UTI Mutual Fund.

The fund, set up with much fanfare in November 2005 to manage proceeds from the government’s stake sale, in a listed and unlisted profitable public sector undertakings, has no corpus till now. Initially it expected to get funds from the disinvestment in Maruti Udyog. NIF, however, did not receive any fund from the stake sell on the pretext that MUL, in which the government sold an 8% stake to raise Rs 1,567 crore, was not a PSU as the government had owned only 18.2% of the company before the stake sale. The proceeds from the MUL disinvestment lies with the consolidated fund of India.

NIF was set up so that the government can invest the proceeds from stake sale in PSUs in the capital markets and use the returns to finance social sector projects in areas and capital investment in select PSUs. Under the scheme, the government planned to create a “non-depleting fund” from the proceeds of the disinvestment in PSUs. The fund mangers would strategically invest the money in the capital market and other places. Out of the total income, 75% should be spent for funding social sector projects while the balance 25% is to be utilised for the revival of sick PSUs.