Powergrid InvIT to Open IPO of its Units on April 29

The initial public offering (IPO) of units of Powergrid Infrastructure Investment Trust (Powergrid InvIT) will open on April 29, 2021, at a price band of Rs 99 to Rs 100, and the offer will be closed on May 03, 2021.

April 26, 2021. By Manu Tayal

The initial public offering (IPO) of units of Powergrid Infrastructure Investment Trust (Powergrid InvIT) will open on April 29, 2021, at a price band of Rs 99 to Rs 100, and the offer will be closed on May 03, 2021.

The 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 Powergrid InvIT has been issuing Units aggregating up to Rs 49,934.84 million (Fresh Issue) and the selling unit holder has been offering units aggregating up to Rs 27,415.08 million.

Further, the anchor investor bidding date will be one Working Day prior to the Bid/Offer Opening Date i.e. April 28, 2021.

The units of Powergrid InvIT have been proposed to be listed on the BSE and the National Stock Exchange of India Ltd. The Trust has received in-principle approvals from both the exchanges for listing of the units pursuant in February this year. This offer will constitute at least 10 per cent of the outstanding Units on a post-offer basis.

Further, 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, availed by the Initial Portfolio Assets; and for general purposes.

Further, not less than 25 per cent of the Offer shall be available for allocation on a proportionate basis to Non-Institutional Investors, in accordance with the InvIT Regulations and the SEBI Guidelines, subject to valid Bids being received at or above the Offer Price.

Bids can be made for a minimum lot of 1,100 Units and in multiples of 1,100 Units thereafter by bidders other than the units subscribed for by Anchor Investors.

IDBI Trusteeship Services Ltd is the Trustee, while Power Grid Corporation of India Ltd is the Sponsor. Powergrid Unchahar Transmission Ltd is the Investment Manager.

The Lead Managers to the Offer are ICICI Securities Ltd, Axis Capital Ltd, Edelweiss Financial Services Ltd and HSBC Securities and Capital Markets (India) Pvt Ltd.

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