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PowerGrid InvIT IPO to open on April 29; price band fixed at Rs 99-100

The company informed that the net proceeds from the offer will be utilised towards providing loans to the initial portfolio assets for repayment or pre-payment of debt, including any accrued interest, and for general purposes

twitter-logoBusinessToday.In | April 27, 2021 | Updated 15:11 IST
PowerGrid InvIT IPO to open on April 29; price band fixed at Rs 99-100
The price band for the share sale has been fixed at Rs 99-100 per unit

The initial public offering (IPO) of PowerGrid Infrastructure Investment Trust, owned by state-run Power Grid Corporation of India, will open for subscription on April 29. The price band for the share sale has been fixed at Rs 99-100 per unit.

The issue will close on May 3, 2021. Anchor book will open for bidding on April 28. The public issue comprises a fresh issue of Rs 4,993.48 crore and an offer for sale of 2,741.51 crore. Investors can bid for a minimum of 1,100 units in one lot and in multiple of 1,100 units thereafter.

Also Read: India can hold electricity-sector emissions by rising clean power capacity

The company informed that the net proceeds from the offer will be utilised towards providing loans to the initial portfolio assets for repayment or pre-payment of debt, including any accrued interest, and for general purposes.

PowerGrid InvIT is 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.

Also Read: NHAI files draft papers with SEBI for InVIT to raise Rs 5,100 crore

Book running lead managers to the offer are ICICI Securities Limited, Axis Capital Limited, Edelweiss Financial Services Limited, and HSBC Securities and Capital Markets (India) Private Limited.

Recently, Power Grid Corporation of India Limited (POWERGRID) acquired Bikaner-II Bhiwadi Transco Limited (BBTL) under Tariff Based Competitive Bidding (TBCB) which is a project company to establish Transmission System Strengthening Scheme for evacuation of power from solar energy zones, in Rajasthan.

Also Read: Power Grid to buy 74% stake in Jaypee Powergrid, stock drops 2%

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