PATNA, Feb. 18 -- In a first for the state, three government-run entities - Bihar State Power Transmission Company Limited (BSPTCL), Bihar State Road Development Corporation Limited (BSRDCL) and the Patna Municipal Corporation (PMC) - are preparing to raise resources from capital markets by listing on the National Stock Exchange (NSE) through bonds and an initial public offer (IPO) to finance infrastructure and civic projects. Senior officials said on Monday that the move is intended to reduce pressure on the state exchequer while improving financial discipline and long-term sustainability of government bodies. BSPTC, a subsidiary of Bihar State Power Holding Company Limited (BSPHCL) under the energy department, will be the first among them to enter the market. The transmission utility, with a net worth of Rs.12,069.55 crore and distributable profit of Rs.271.20 crore, plans to launch an IPO within six months, its managing director Rahul Kumar said. "We are in the process of obtaining mandatory certifications and statutory clearances in line with Securities and Exchange Board of India (SEBI) regulations for listing on the NSE. The company has floated a Request for Proposal for appointment of Merchant Banker/Book Running Lead Manager to manage the IPO process," Kumar said. "The exact issue size has not yet been finalised. The IPO structure (fresh issue / offer for sale / combination) and quantum of fund raising will be decided based on government policy decisions. The objective is to raise capital aligned with infrastructure expansion requirements while maintaining financial prudence," he added. "The BSPTCL is required to undertake substantial expansion and upgradation of the transmission system, involving large-scale capital investment. Based on an internal assessment aligned with the Central Electricity Authority (CEA) projections, the estimated capital requirement for transmission system strengthening is of the order of Rs.14,000 crore in the coming years," said Kumar. The funds proposed to be raised are expected to be utilised for expansion and augmentation of transmission network, construction of new grid substations, capacity enhancement of existing substations, partial debt optimisation, if considered appropriate. These investments are aligned with Bihar's projected increase in electricity demand and infrastructure development plans, the MD added. BSRDCL, carved out of the Road Construction Department and incorporated under the Companies Act in 2009 to plan, finance, construct and maintain major road and bridge projects, is initially opting for bonds. From a humble beginning, the corporation now has projects worth over Rs.40,000 crore across state plan works, ADB-assisted projects, public-private partnerships and hybrid annuity model (HAM) projects, managing director Shirsat Kapil Ashok said. "We are considering bonds of up to Rs.500 crore for upcoming projects, subject to approval of the government. Our board will finalise the size likely next month," he said, adding that an IPO would be considered after gauging investor response. "Listing on NSE for the IPO may take around six months," said Ashok....