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PowerGrid Invit IPO: plan to raise about Rs 5000 crore, band price kept at Rs 100

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New Delhi. The PowerGrid Infrastructure Investment Trust IPO, owned by Power Grid Corporation of India, has been priced at Rs 99-100 per unit. The issue will open for subscription on 29 April. It will close on May 3, 2021, while the anchor will be open for a day on April 28 for booking. It is proposed to issue fresh issue of Rs 4,993.48 crore and sale of 2,741.51 crore shares through IPO.

Also read: Why is Mahindra and Mahindra Financial Services Ltd. coming? Shares fall?

Where will it be used
Invite is a collective investment scheme similar to that of a mutual fund, which enables direct investment of funds from individual and institutional investors in infrastructure projects to earn a small portion of income in the form of returns. The net proceeds from the fresh issue will be used to repay initial portfolio assets or prepay debt and provide loans for general corporate purposes. Investors other than anchor investors can place a minimum bid of 1,100 units and then invest in more than 1,100 units.

Also read: Share market’s strong start, Sensex rises 500 points, ICICI Bank rises 5%

These companies lead manager
Powergrid Invit has been set up in India to build, operate, maintain and invest in itself as an Infrastructure Investment Trust with reference to the Invit Regulations, including power transmission assets. Its sponsor, Power Grid Corporation of India, is also acting in the capacity of Project Manager of Invit. ICICI Securities, Axis Capital, Edelweiss Financial Services, and HSBC Securities and Capital Markets (India) are the book running lead managers for the offer.

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