Power Grid fixes price band for its ₹7,735 crore InvIT IPO at ₹99-100
April 26, 2021
Issue opens on April 29 and closes on May 3
Power Grid Corporation of India has fixed the price band for the upcoming initial public offering of its Infrastructure Investment Trust (InvIT) at ₹ 99-100.
This will be the first InvIT launch by a State-owned company as the Central Government tests a new path for monetisation of income-generating assets. The InvIT is issuing units aggregating up to ₹4,993.48 crore, and Power Grid is additionally offering units aggregating up to ₹2,741.5 crore through offer for sale route. The offering will open on April 29 and close on May 3.
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.
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’s largest power transmission company state-owned Power Grid Corporation of India (PGCIL) will launch its Infrastructure Investment Trust (InvIT) on April 29, a first for any government sector company. After IndiGrid and IRB InvIT fund, this will be the third publicly listed InvIT for the country and second in the power transmission sector. The company in its regulatory filings with Sebi said its issue comprises Rs 4,993.5 crore of fresh issuance and an offer for sale, whose size was not disclosed. “The selling unitholder will be entitled to the proceeds of the offer for sale and the proceeds received from the offer for sale will not form part of the offer proceeds. The Trust will not receive any proceeds from the Offer for Sale,” said the filing by PGCIL