Mumbai: The initial public offer of Power Grid Corporation of India Ltd (PGCIL), the country''s biggest power transmission utility, was subscribed over two times on the second day of its issue.

The issue received bids for 1395.6 million equity shares against the 573.9 million shares on offer.

The company is expecting to raise up to Rs3,000 crore through its issue, for which the price band has been fixed between Rs44 to Rs52 a share.

The issue has received robust response in the Qualified Institutional Buyers category especially from the foreign institutional investors. The portion reserved for FIIs had been subscribed over two times.

The proceeds would be used to part finance 15 projects that entail a total investment of Rs12,280 crore. PGCIL owns and operates 61,875 circuit km of transmission lines. The proposed 15 projects would enhance its transmission system by 13,022 circuit km.