Power Grid Infrastructure Investment Trust has fastened a price band of Rs 99-100 per unit for its Rs 7,735 crore preliminary share sale, which is able to open for public subscription on April 29. The subject will shut on May 3 and the bidding for anchor buyers will open on April 28, based on the corporate’s assertion on Monday.
Power Grid Infrastructure Investment (PowerGrid InvIT) is owned by state-run Power Grid Corporation of India. This would be the first Infrastructure Investment Trust (InvIT) within the nation to be floated by a public sector firm.
The preliminary public supply (IPO) contains contemporary subject of shares price Rs 4,993.48 crore and supply on the market to the tune of Rs 2,741.50 crore by promoting shareholders. The PowerGrid InvIT items are proposed to be listed on National Stock Exchange and BSE.
InvITs are devices on the sample of mutual funds and are designed to pool small sums of cash from quite a few buyers to spend money on property that give money stream over a time period.
The proceeds from the supply will probably be utilised for offering loans to the preliminary portfolio property for reimbursement or pre-payment of debt, together with any accrued curiosity, and for basic functions.
The belief’s preliminary portfolio property may have 5 property — PVTL (PowerGrid Vizag Transmission Ltd), PKATL (PowerGrid Kala Amb Transmission Ltd), PPTL (PowerGrid Parli Transmission Ltd), PWTL (PowerGrid Warora Transmission Ltd) and PJTL (PowerGrid Jabalpur Transmission Ltd).
PowerGrid InvIT has been set-up to personal, assemble, function, preserve and make investments as an infrastructure funding belief as permissible by way of the InvIT Regulations, together with in energy transmission property in India.
ICICI Securities, Axis Capital, Edelweiss Financial Services and HSBC Securities and Capital Markets (India) are the lead managers for the supply.
While markets regulator Sebi first notified the laws for InvITs and REITs (Real Estate Investment Trusts) in 2014, just a few such trusts have listed their items within the nation thus far.
The regulator has prolonged numerous relaxations for itemizing of those trusts and such trusts are standard in some superior markets.
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