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PowerGrid InvIT raises Rs 3,480 Cr from anchor investors ahead of IPO

powergrid ipo

PowerGrid Infrastructure Investment Trust raised a little over Rs 3,480 crore from anchor investors before its initial public offer.

It has been decided to allot 34,80,74,100 units at Rs 100 each to 47 anchor investors, bringing the total to Rs 3,480.74 crore, according to a circular uploaded on the BSE website.

The anchor investors include SBI Mutual Fund (MF), HDFC MF, Sundaram MF, Tata MF, Fidelity Funds, ICICI Prudential MF, Tata AIA Life Insurance Company, UTI MF, Tata AIG General Insurance Company, SBI Life Insurance Company, Rainbow Investments Ltd, and CPP Investment Board Private Holdings.

PowerGrid InvIT is run by the state-owned PowerGrid Corporation of India.

This will be the first Indian Infrastructure Investment Trust (InvIT) to be launched by a public sector company.

The IPO includes a fresh issue of shares worth Rs 4,993.48 crore and an offer for sale to the tune of Rs 2,741.50 crore by selling shareholders.

It has fixed a price band of Rs 99-100 per unit for its Rs 7,735 crore IPO, which opened for public subscription on April 29 and will close on May 3.

The PowerGrid InvIT units are intended to be listed on the NSE and the BSE.

The raised funds will be used for offering loans to the initial portfolio assets for repayment or pre-payment of debt, including any accrued interest, and general purposes.

The trust’s initial portfolio will have five assets, 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 established to own, construct, operate, maintain and invest as an infrastructure investment trust as permitted in terms of the InvIT Regulations, including in power transmission assets in India.

ICICI Securities, Axis Capital, Edelweiss Financial Services, and HSBC Securities and Capital Markets (India) are appointed as the lead managers for the offer.

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