Published on 9/05/2017 4:47:24 PM | Source: Reuters
Grid infra investment trust's $348 million IPO to open May 17
MUMBAI India Grid Trust's initial public offering of up to 22.5 billion rupees ($348 million) will be open from May 17-19, according to a regulatory filing, in what would be the country's second listing by a infrastructure investment trust.
India Grid Trust has set a price range of 98 rupees to 100 rupees per share for the IPO, IFR, a Thomson Reuters publication, separately reported on Tuesday.
InvITs, or Infrastructure Investment Trusts, are entities that control revenue-generating infrastructure assets and offer regular returns to investors.
India Grid Trust, sponsored by power transmission company Sterlite Power Grid Ventures, owns two revenue-generating transmission assets in central India, according to its filing.
Morgan Stanley, Citigroup and Edelweiss are managing the IPO.
IRB InvIT Fund became the first IPO by an infrastructure investment trust in India after raising 50.33 billion rupees last week.
($1 = 64.6650 Indian rupees)
(Reporting by Promit Mukherjee and Devidutta Tripathy; Editing by Sunil Nair)