POWERGRID Ajmer Phagi Transmission Limited has successfully commissioned the project equitybulls.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from equitybulls.com Daily Mail and Mail on Sunday newspapers.
The IPO, which ran from April 29 to May 3, was subscribed 4.83 times.
Most analysts had recommended investors to subscribe to the issue, which offered the prospects of lucrative and consistent yields. The issue was a good option for investors looking for a 9-12 per cent yield arising from stable cash flow, they had said.
The management says the InvIT is likely to give distributable cash flow at an average of Rs 1,150 crore over the next three years, which implies an 11 per cent cash flow yield, according to analysts.
Its peer Sterlite Power-sponsored IndiGrid is trading at a 9 per cent yield with a 9 per cent premium to its NAV value, while PowerGrid InvIT is available at 11 per cent yield and a 1 per cent premium to its NAV value at the upper price band.
Power Grid Corporation of India Limited raises Rs 2736 02 crore from OFS of InvIT equitybulls.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from equitybulls.com Daily Mail and Mail on Sunday newspapers.
PowerGrid Infrastructure Investment Trust (InvIT), sponsored by state-owned Power Grid Corporation of India (PGCIL), debuted at the bourses on Friday. Units of the InvIT got listed at Rs 104, a 4 per cent premium to the issue price. They ended the session at Rs 102.98, a 3 per cent premium over the issue price. The IPO, which concluded on May 3, was subscribed 4.8 times. The IPO was priced between Rs 99 and Rs 100 per unit. The InvIT had raised Rs 7,735 crore. The IPO comprised a fresh issuance of Rs 4,993.5 crore and an offer for sale (OFS) of Rs 2,742 crore of existing units. PGCIL had offered five “initial portfolio assets” at an enterprise value of Rs 10,384 crore for the InvIT.
On 06 May 2021Power Grid Corporation of India announced that POWERGRID Ajmer Phagi
Transmission (a 100% wholly owned subsidiary of the company secured through Tariff Based Competitive Bidding) with a mandate to establish Transmission System for Construction of Ajmer (PG)-Phagi 765 kV D/C line along with associated bays for Rajasthan SEZ ( the Project ) on Build, Own, Operate and Maintain basis has successfully commissioned the project on 06 May 2021.
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