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PowerGrid InvIT IPO subscribed 61%

Published on Apr 30, 2021 17:39

The initial public offer (IPO) of POWERGRID Infrastructure Investment Trust (PowerGrid InvIT) received bids for 25,81,63,400 units today, 30 April 2021, as against 42,54,25,000 units on offer, as per the National Stock Exchange of India (NSE) website data at 17:00 IST. The issue was subscribed 0.61 times.

The issue opened for bidding on Thursday, 29 April 2021 and it will close on Monday, 3 May 2021. The price band of the IPO is fixed at Rs 99-100. An investor can bid for a minimum of 1,100 units and in multiples thereof.

The IPO of units in PowerGrid InvIT consists of a fresh issue of units aggregating upto Rs 4993.48 crore and an offer for sale of units aggregating upto Rs 2741.50 crore by Power Grid Corporation of India.

Ahead of its IPO, PowerGrid InvIT on 28 April 2021 raised Rs 3,480.74 crore by allocating 34,80,74,100 units to anchor investors at Rs 100 per unit, the upper end of the IPO price band.

The proceeds from the fresh issue will be utilised for providing loans to the initial portfolio assets for repayment or pre-payment of debt, including any accrued interest, availed by the initial portfolio assets; and general purposes.

PowerGrid InvIT is owned by state-owned PowerGrid Corporation of India. This will be the first Infrastructure Investment Trust (InvIT) in the country to be floated by a public sector company.

PowerGrid InvIT has been set-up to own, construct, operate, maintain and invest as an infrastructure investment trust as permissible in terms of the InvIT Regulations, including in power transmission assets in India.

The trust`s initial portfolio will have five assets - PVTL (PowerGrid Vizag Transmission), PKATL (PowerGrid Kala Amb Transmission), PPTL (PowerGrid Parli Transmission), PWTL (PowerGrid Warora Transmission) and PJTL (PowerGrid Jabalpur Transmission).

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