Mumbai/New Delhi, Sept. 13: The Power Grid Corporation’s maiden offer received bids for nearly 65 times of the issue size, generating demand for Rs 1,95,000 crore worth of shares.

The company received bids for 3,719.76 crore shares against the 57.39 crore shares on offer. This is 64.81 times of the issue size.

The company is expecting to raise up to Rs 3,000 crore through its issue, for which the price band has been fixed between Rs 44 and Rs 52 a share. The proceeds will be used to part finance 15 projects, which entail an investment of Rs 12,280 crore. PowerGrid owns and operates 61,875 circuit km of transmission lines.

The company has bagged a management contract for the Transmission Company of Nigeria (TCN).

According to the Bureau of Public Enterprises of Nigeria, PowerGrid will manage the country’s electricity transmission network for three years. However, the term may be extended by another three years, sources said. The Nigerian government will pay $5.1-million to PowerGrid for its services.

Other competitors for the contract were ESB International of Ireland and Manitoba Hydro International of Canada. Mohammed Hayatudeen, a member of Nigeria’s National Council on Privatisation, said ESB International was the runner-up with its $7.6-million bid followed by Manitoba Hydro with an offer of $8.5 million.

PowerGrid will act as a consultant to TCN. It will also manage the assets and operations of the company. The Nigerian government will continue to retain 100 per cent ownership of the asset.

TCN is one of the 18 companies that emerged from the horizontal unbundling of the Power Holding Company of Nigeria.