PowerGrid InvIT IPO opens Apr 29

NEW DELHI: State-run transmission utility PowerGrid will kick off monetisation of assets of public sector units with an IPO of PowerGrid’s infrastructure investment trust (InvIT) shares on Thursday with a price band of Rs 99-100 each. The offer consists of a fresh issue of over Rs 4,993 crore and an offer for sale of more than Rs 2,741 crore by selling unitholders. The issue will close on May 3. The anchor book will open for bidding for a day on Wednesday. Investors, other than anchor investors, can bid for a minimum of 1,100 units and in multiple of 1,100 units thereafter.

The proceeds will be used for providing loans to the initial assets in the InvIT’s portfolio for repayment or pre-payment of debt.