PowerGrid InvIT IPO to open on Apr 29 at Rs 99-100 price band

This is the primary time a PSU within the energy sector will monetise its property by way of the InvIT mannequin.

PGlnvlT, the infrastructure funding belief (InvIT) sponsored by state-run electrical energy transmission utility Power Grid Corporation of India (PGCIL), will open the preliminary public supply (IPO) of the platform on April 29, at a worth band of Rs 99 to Rs 100. There shall be contemporary subject of Rs 4,993.5 crore and supply on the market for an additional Rs 2,741.5 crore. The supply closes on May 3, 2021.

PGCIL is in search of to monetise a few of its transmission property by way of PGInvIT, which is able to contribute to the federal government’s asset monetisation programme. The particular objective automobiles constituting PGInvIT are PowerGrid Warora, PowerGrid Jabalpur, PowerGrid Vizag, PowerGrid Parli and PowerGrid Kala Amb. The Cabinet had permitted the monetisation of PGCIL property by way of InvIT in September 2020.

PGCIL’s chairman and managing director Okay Sreekant mentioned on Monday as many as 18 different transmission tasks value Rs 22,500 crore being constructed by the corporate by way of the tariff-based aggressive bidding (TBCB) route may be monetised sooner or later by way of PGInvIT.

The proceeds from the supply shall be used to clear the money owed accrued by the property being monetised. “Bids can be made for a minimum lot of 1,100 units and in multiples of 1,100 units thereafter by bidders other than the units subscribed for by anchor investors,” the corporate mentioned.

This is the primary time a PSU within the energy sector will monetise its property by way of the InvIT mannequin. All property beneath PGInvIT have 35 years of transmission service settlement with their respective clients, and their income flows are insulated from demand, provide and worth fluctuation of energy tariff.

The lead managers to the IPO are ICICI Securities, Axis Capital, Edelweiss Financial Services and HSBC Securities and Capital Markets India. The PGInvIT shares are proposed to be listed on the BSE and the NSE.

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