Advertisement

  • News
  • Columns
  • Interviews
  • BW Communities
  • Events
  • BW TV
  • Subscribe to Print
BW Businessworld

India Grid Trust Shares Fall On Market Debut After $350 Million IPO

India Grid Trust's shares fell as much as 6.3 per cent on their trading debut on Tuesday (06 June), after the fund raised Rs 22.5 billion ($349.73 million) in the country's second-ever initial public offering by an infrastructure investment fund

Photo Credit :

1458559546_kXv3Hp_Stocks_Kol_PTI.jpg

India Grid Trust's shares fell as much as 6.3 per cent on their trading debut on Tuesday (06 June), after the fund raised Rs 22.5 billion ($349.73 million) in the country's second-ever initial public offering by an infrastructure investment fund.

India Grid Trust shares were down 3.9 per cent at 96.9 rupees by 0440 GMT on the National Stock Exchange, having dropped to a low of Rs 93.70, compared with their issue price of Rs 100.

Infrastructure investment trusts and real estate investment trusts are entities that invest in rent-yielding assets and distribute most of their income to shareholders as dividends.

Last month, the first infrastructure investment trust, IRB InvIT, saw a lacklustre opening and shares continue to trade below the issue price. Bankers have attributed the under-performance to the lack of Indian investors' familiarity with the product.

(Reuters)


Tags assigned to this article:
grids India Grid Trust national stock exchange