Public Sector

PowerGrid InvIT set to announce IPO, Check out dates

PowerGrid InvIT set to announce IPO, Check out dates

PowerGrid InvIT set to announce IPO, Check out dates

New Delhi: PowerGrid InvIT set to announce IPO, Check out dates – The IPO of its first Infrastructure venture trust ‌(InvIT), Power Grid Corporation of India Limited, a Maharatna Public Sector Undertaking will be open on April 29 and set to close on May 3, 2021.

The PowerGrid Infrastructure Investment Trust referenced that IPO will have a new issuance of around Rs 4,994 crore. It was additionally referenced that the posting will be at BSE Sensex and NSE Nifty.

PowerGrid will adapt the five introductory portfolio resources with a worth of Rs 10, 384 crores for InvIT.

PowerGrid states in a press note, POWERGRID InvIT is giving Units conglomerating up to Rs 49,934.84 million (“Fresh Issue”), and the Selling Unitholder is offering Units accumulating up to Rs 27,415.08 million with Working Day preceding the Bid/Offer Opening Date for example April 28, 2021. The Units of POWERGRID InvIT are proposed to be recorded on BSE Limited (“BSE”) and National Stock Exchange of India Limited (“NSE”, along with BSE, the “Stock Exchanges”). The Trust has gotten on a basic level endorsements from BSE and NSE for a posting of the Units according to letters dated February 2, 2021, and February 3, 2021, separately. This Offer will establish at any rate 10% of the exceptional Units on a post-Offer premise.

The Net Proceeds from the Offer will be used towards the accompanying items: (I) giving advances to the Initial Portfolio Assets for reimbursement or pre-installment of obligation, including any accumulated interest, benefited by the Initial Portfolio Assets; and (ii) for general purposes. This Offer is being made through the Book Building Process and in consistence with the [InvIT Regulations and the SEBI Guidelines,] wherein not over 75% of the Offer will be accessible for allotment on a proportionate premise to Institutional Investors, given that the Investment Manager and the Selling Unitholder may, in counsel with the Lead Managers, assign up to 60% of the Institutional Investor gives to Anchor Investors on an optional premise as per the InvIT Regulations and the SEBI Guidelines.

On a proportionate premise to Non-Institutional Investors, as per the InvIT Regulations and the SEBI Guidelines, subject to substantial Bids being gotten at or over the Offer Price by Bidders other than the units bought in for by Anchor Investors. POWERGRID Unchahar Transmission Limited is the Investment Manager.

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