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PowerGrid InvIT expected to announce IPO share allotment next week

powergrid ipo

PowerGrid Infrastructure Investment Trust (InvIT) is expected to announce the IPO share allotment in the upcoming week after a solid subscription to the offer on May 3.

It is the first InvIT by a government company and the public issue was oversubscribed by 4.83 times.

Institutional investors (FIIs, DFIs, Banks, Insurance, MFs), and other investors gave a great response to the issue as their reserved portion was subscribed 4.63 times and 5.07 times, respectively.

PowerGrid InvIT, backed by Power Grid Corporation of India, gained Rs 7,735 crore through the public issue which included a fresh issue of Rs 4,993.48 crore and the remaining was an offer for sale.

The funds raised from the fresh issue will be used for granting loans to the Initial Portfolio Assets for repaying of borrowings, and general business purposes.

The company will consult with merchant bankers and finalize the basis of allotment around May 10, as per the schedule available in the prospectus.

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