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Maharashtra Power Giant MSETCL Selects Banks for $800 Million IPO
M
Moneycontrol•14-10-2026, 11:06
Maharashtra Power Giant MSETCL Selects Banks for $800 Million IPO
- •Maharashtra State Electricity Transmission Co. has picked six investment banks to advise on an upcoming initial public offering aiming to raise up to $800 million.
- •The selected advisers include SBI Capital Markets Ltd., Axis Capital Ltd., Motilal Oswal Investment Advisors Ltd., Avendus Capital Pvt., IIFL Capital Services Ltd., and HDFC Bank Ltd.
- •The proposed share sale is expected to primarily feature an offer for sale by the Maharashtra government holding company alongside a smaller issuance of new shares.
- •MSETCL operates India's largest state transmission utility network, managing over 51,000 circuit kilometers of transmission lines across the state.
- •This move aligns with Maharashtra's broader initiative to tap equity markets for state-owned power utilities, following similar IPO plans by its power distribution counterpart.
Key Questions Answered
MSETCL has chosen SBI Capital Markets Ltd., Axis Capital Ltd., Motilal Oswal Investment Advisors Ltd., Avendus Capital Pvt., IIFL Capital Services Ltd., and HDFC Bank Ltd. as advisers for its planned share sale.
The proposed IPO could raise as much as $800 million. It is expected to largely comprise an offer for sale by the Maharashtra government-owned holding company, alongside a smaller issuance of new shares.
MSETCL is responsible for transmitting electricity from generation points to distribution networks across Maharashtra, owning and operating most of the state's transmission system with 51,518 circuit kilometers of lines and 742 extra-high-voltage substations.
