Published on 16/05/2017 10:28:07 AM | Source: Dion Global Solutions Ltd

India Grid Trust InvIT IPO to open from Wednesday

Posted in IPO Top News | #IPO #NSE #BSE


The initial public offer of India Grid Trust to raise Rs 2,250 crore will open for bidding from Wednesday, reported PTI. The IPO, the second in infrastructure investment trust (InvIT) segment, will open on May 17 and close on May 19. It commands a price band of Rs 98-100 per unit. IndiGrid is an infrastructure investment trust established to own inter-state power transmission assets in India.

Sterlite Power Grid Ventures and Sterlite Investment Managers are the sponsor and investment manager, respectively of IndiGrid. Bids can be made for a minimum of 10,206 units and in multiples of 5,103 units thereafter.

The units of IndiGrid are proposed to be listed on the BSE and the NSE. Morgan Stanley India, Citigroup Global Markets India and Edelweiss Financial Services are the lead managers to the issue. InvITs are those debt instruments which are traded in the market and can act as investment vehicles for sponsors.

The listing of instruments enables promoters of infrastructure to monetise completed assets and raise funds for other long-term projects.