PFC, PowerGrid plan IPOs

Power secretary R V Shahi today said the government is considering proposals for the initial public offerings (IPOs) of Power Finance Corporation (PFC) and Power Grid Corporation.

"PFC has sent its proposal. We are examining it, but no decision has been taken yet," Shahi said.

Though he refused to give a deadline by when the power PSUs' public offers will hit the markets, indications are that it may not happen in the current fiscal.

"Power Grid IPO will be late. Nothing immediately," Shahi said when asked about the public offering of the central transmission utility.

The move to allow PSUs to come up with IPOs has gathered momentum after the successful public offering of NTPC through which government mopped up Rs 5,400 crore in November 2004.

Industry sources said that while PFC will be looking at raising Rs 1,500 crore, Power Grid is aiming at mopping up about Rs 1,000-1,200 crore.