Mumbai: The State-run Power Grid Corp of India today announced that it is planning to raise up to Rs 29.84 billion in an initial public offer of 573.9 million shares.

The company stated that the offer, which will open on September 10 and close on September 13, would be priced in the band of Rs 44-52 a share.

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

According to the company Power Grid document, the government's holding would fall to 86.36 per cent from 100 per cent after the issue, and the company plans to use the money to fund 15 transmission projects worth Rs 127 billion.

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