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PowerGrid Invit IPO Subscribed 61 % On Second Day Of Subscription

PowerGrid Infrastructure Investment Trust on Wednesday raised a little over Rs 3,480 crore from anchor investors.

Photo Credit : Shutterstock

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The initial public offer of PowerGrid Infrastructure Investment Trust was subscribed 61 per cent on the second day of subscription on Friday.

The offer received bids for 25,81,63,400 units against 42,54,25,000 units on offer, as per data available with the NSE.

Institutional investors category was subscribed 38 per cent and other investors 88 per cent.

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

The price range for the offer, which will close on May 3, is at Rs 99-100 per unit.

PowerGrid Infrastructure Investment Trust on Wednesday raised a little over Rs 3,480 crore from anchor investors.

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

PowerGrid Infrastructure Investment Trust (PowerGrid InvIT) is owned by state-owned PowerGrid Corporation of India.

This is the first Infrastructure Investment Trust (InvIT) in the country to be floated by a public sector company.

PowerGrid InvIT units are proposed to be listed on the BSE and the National Stock Exchange.

InvITs are instruments on the pattern of mutual funds and are designed to pool small sums of money from a number of investors to invest in assets that give cash flow over a period of time.

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

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

(PTI)