State-owned largest power transmission company Power Grid Corporation of India (PGCIL) launched its Infrastructure Investment Trust (InvIT), becoming the first public sector company to do so. After IndiGrid and IRB InvIT fund, Power Grid InvIT (PGInvIT) will be the third publicly listed InvIT in the country and second in the power transmission sector. PGInvIT has offered a price band of Rs 99-100 per unit for the public issue. The issue will open on April 29 and close on May 3. The InvIT will raise Rs 4,993.5 crore as fresh issuance and PGCIL is also providing an offer for sale of Rs 2,742 crore of existing units. PGCIL has offered five ‘initial portfolio assets’ at an enterprise value of Rs 10,384 crore for the proposed PGInvIT.
PowerGrid InvIT IPO set to open on April 29, price band fixed at ₹99-100 businessinsider.in - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from businessinsider.in Daily Mail and Mail on Sunday newspapers.
By siliconindia | Monday, 26 April 2021, 09:14 Hrs Power Grid Corporation of India (PGCIL) has set up its Infrastructure Investment Trust (InvIT), and turns as the first public sector company to do so. PGInvIT has offered a price band of
99-100 per unit for the public issue. The issue would initiate from April 29 and terminate on May 3. The InvIT would now raise
4,993.5 crore as a fresh issuance and PGCIL is also providing an offer for sale of Rs 2,742 crore of existing units. PGCIL has offered five ‘initial portfolio assets’ at an enterprise value of
10,384 crore for the offered PGInvIT. K Sreekanth, chairman and managing director, PGCIL says, “Power grid has 18 projects with 22,500 crore investment which are under construction. As per our plans, they will be offered to InvIT in the future. The government has allowed Power Grid to monetise its other TBCB subsidiaries through the InvIT route, which are under construction or
India: Axis Bank becomes co-promoter of Max Life, to own 12.9% stake
Photo: Pixabay
April 7, 2021
Axis Bank Ltd on Tuesday said that it has become co-promoters of Max Life Insurance Company Limited, after completion of the acquisition of 12.99% stake collectively by the Axis Entities in the company.
“The Board of Max Life recorded the closure of the deal today. The transaction was completed after the Insurance Regulatory and Development Authority of India (IRDAI) gave its formal approval in February this year,” the private lender said in a regulatory filing.
Max Life’s holding company Max Financial Services Limited and Axis Bank had first announced their intent to bring in the latter as a strategic partner in Max Life in February 2020. Axis Bank had announced its intent to purchase a 30% stake in Max Life Insurance for a sum of around Rs. 1530 crore in April last year
Cyril Amarchand Mangaldas pakistantelegraph.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from pakistantelegraph.com Daily Mail and Mail on Sunday newspapers.