State-run transmission utility PowerGrid Corporation is in talks with the Indian Army and Air Force for leasing out its towers for data transfer purposes, even as the company gears up to raise over Rs 8,000 crore through a follow-on public offer (FPO) opening on November 9.
"Defence organisations (Army and Air Force) need a complete network for transfer of data and information for which we can lease our (transmission) networks," a PowerGrid official said.
PowerGrid is coming out with an FPO on November 9 to raise over Rs 8,000 crore for funding expansion plans. The company plans to offer 10 per cent fresh equity under the issue, while the government will offload 10 per cent of its 86.36 per cent stake in PowerGrid.
PowerGrid filed a red herring prospectus with market regulator Sebi yesterday and has received Registrar of Companies (ROC) approval for the IPO, which opens on November 9 and closes on November 12.
The Cabinet Committee on Economic Affairs gave the nod for PowerGrid's FPO on July 22 this year.
The offer comprises over 84 crore (84,17,68,246) equity shares of Rs 10 each, constituting 20 per cent of the existing paid-up capital of the company.
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The company has appointed ICICI, SBI Cap, Goldman Sachs and JP Morgan as its merchant bankers for the FPO.
The transmission firm has targeted a capital expenditure of Rs 12,900 crore in the current financial year.
The company already has 75 consultancy projects in hand, some of which are in Nepal, Bhutan, Afghanistan, Nigeria and Dubai. These projects are expected to be completed over the next two to three years.