SEBI Tightens Norms for Provisional Rating of Debt Instruments by Credit Rating Agencies
Moneylife Digital Team
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Market regulator Securities and Exchange Board of India (SEBI) has issued new guidelines to strengthen policies on provisional rating by credit rating agencies (CRAs) for debt instruments. As per new guidelines, CRAs cannot assign a rating, including provisional decisions, to an issuer or client evaluating strategic decisions.
According to the SEBI circular, all provisional ratings (long term or short term) for debt instruments need to be prefixed as provisional before the rating symbol in all communications rating letter, press release and rating rationale.
The rating rationale should disclose that the credit rating agency has taken an undertaking from the sponsor stating that the key assumptions relating to the assets and capital structure, are in consonance with the details filed by the sponsor with SEBI, the regulator says.
PowerGrid Infrastructure Investment Trust on Wednesday raised a little over Rs 3,480 crore from anchor investors ahead of its initial public offer, which opens for subscription on Thursday. It has been decided to allocate 34,80,74,100 units at Rs 100 apiece to 47 anchor investors, aggregating the total to Rs 3,480.74 crore, according to a circular uploaded on BSE website. Among the anchor investors are 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.
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PowerGrid InvIT IPO: Subscription opens on Thursday; check price band and more
Power Grid Infrastructure Investment Trust has fixed a price band of Rs 99-100 per unit for its Rs 7,735 crore initial share sale, which will open for public subscription on April 29. The issue will close on May 3 and the bidding for anchor investors will open on April 28, according to the company s statement on Monday.
Power Grid Infrastructure Investment (PowerGrid InvIT) is owned by state-run Power Grid Corporation of India. This will be the first Infrastructure Investment Trust (InvIT) in the country to be floated by a public sector company.
PowerGrid InvIT IPO to hit D-Street on Thursday; price band at Rs 99-100
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The units of PowerGrid InvIT are proposed to be listed on bourses BSE and NSE.
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NEW DELHI: The initial public offering of
PowerGrid Infrastructure Investment Trust (InvIT) will hit the market on Thursday, April 29. Units will be available for bidding in a price band of Rs 99 to Rs 100 in the PowerGrid InvIT IPO, which will close on Monday May 3.
The issue is an InvIT set up to own, construct, operate, maintain and invest as an infrastructure investment trust, including in power transmission assets in India.
Power Grid InvIT IPO: What should investors know before investing?
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Power Grid Infrastructure Investment Trust has fixed a price band of Rs 99-100 per unit for its Rs 7,735 crore initial share sale, which will open for public subscription on April 29.
The issue will close on May 3 and the bidding for anchor investors will open on April 28, according to the company s statement on Monday.
Free Press Journal had reported that the state-run Power Grid Corporation was likely to launch its first-ever InvIT (infrastructure investment trust) IPO next week, quoting news reports.
Here s what investors should know:
The IPO by a state-owned firm on April 29 will be a landmark deal for the Indian capital markets. Earlier in 2017, IRB InvIT and India Grid Trust went public.