+
PowerGrid IPO set to open on April 29, price band set at Rs 99-100
POWER & RENEWABLE ENERGY

PowerGrid IPO set to open on April 29, price band set at Rs 99-100

PowerGrid Infrastructure Investment Trust (InvIT) announced the initial public offering (IPO) of units, set to open on 29 April 2021 at a price band of Rs 99 to Rs 100. The offer closes on 3 May 2021.

As stated by the company, the InvIT has been set-up to own, construct, operate, maintain and invest as an infrastructure investment trust as permissible in terms of the InvIT regulations, including in power transmission assets in India, PowerGrid InvIT is issuing units aggregating up to Rs 49,934.84 million and the selling unitholder is offering units aggregating up to Rs 27,415.08 million. The anchor investor bidding date is 28 April 2021.

The units of PowerGrid InvIT are proposed to be listed on BSE Limited and National Stock Exchange of India Limited (NSE). The trust has received in-principle approvals from BSE and NSE for listing of the units pursuant to letters dated 2 February 2021 and 3 February 2021, respectively. This offer will constitute at least 10% of the outstanding units on a post-Offer basis.

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.

PowerGrid said that the net proceeds from the offer will be utilised towards the following objects:

  • providing loans to the initial portfolio assets for repayment or pre-payment of debt, including any accrued interest, availed by the initial portfolio assets; and
  • for general purposes.

This offer is being made through the book building process and in compliance with the InvIT regulations and the SEBI guidelines, wherein not more than 75% of the offer shall be available for allocation on a proportionate basis to institutional investors, provided that the investment manager and the selling unitholder may, in consultation with the lead managers, allocate up to 60% of the institutional investor portion to anchor investors on a discretionary basis in accordance with the InvIT regulations and the SEBI guidelines.

Further, not less than 25% of the offer shall be available for allocation on a proportionate basis to non-institutional investors, in accordance with the InvIT regulations and the SEBI guidelines, subject to valid bids being received at or above the offer price.

IDBI Trusteeship Services Limited is the trustee, while PowerGrid Corporation of India Limited is the sponsor. PowerGrid Unchahar Transmission Limited is the investment manager.

The lead managers to the offer are ICICI Securities Limited, Axis Capital Limited, Edelweiss Financial Services Limited and HSBC Securities and Capital Markets (India) Private Limited.

Image Source

PowerGrid Infrastructure Investment Trust (InvIT) announced the initial public offering (IPO) of units, set to open on 29 April 2021 at a price band of Rs 99 to Rs 100. The offer closes on 3 May 2021. As stated by the company, the InvIT has been set-up to own, construct, operate, maintain and invest as an infrastructure investment trust as permissible in terms of the InvIT regulations, including in power transmission assets in India, PowerGrid InvIT is issuing units aggregating up to Rs 49,934.84 million and the selling unitholder is offering units aggregating up to Rs 27,415.08 million. The anchor investor bidding date is 28 April 2021. The units of PowerGrid InvIT are proposed to be listed on BSE Limited and National Stock Exchange of India Limited (NSE). The trust has received in-principle approvals from BSE and NSE for listing of the units pursuant to letters dated 2 February 2021 and 3 February 2021, respectively. This offer will constitute at least 10% of the outstanding units on a post-Offer basis. 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. PowerGrid said that the net proceeds from the offer will be utilised towards the following objects: providing loans to the initial portfolio assets for repayment or pre-payment of debt, including any accrued interest, availed by the initial portfolio assets; and for general purposes. This offer is being made through the book building process and in compliance with the InvIT regulations and the SEBI guidelines, wherein not more than 75% of the offer shall be available for allocation on a proportionate basis to institutional investors, provided that the investment manager and the selling unitholder may, in consultation with the lead managers, allocate up to 60% of the institutional investor portion to anchor investors on a discretionary basis in accordance with the InvIT regulations and the SEBI guidelines. Further, not less than 25% of the offer shall be available for allocation on a proportionate basis to non-institutional investors, in accordance with the InvIT regulations and the SEBI guidelines, subject to valid bids being received at or above the offer price. IDBI Trusteeship Services Limited is the trustee, while PowerGrid Corporation of India Limited is the sponsor. PowerGrid Unchahar Transmission Limited is the investment manager. The lead managers to the offer are ICICI Securities Limited, Axis Capital Limited, Edelweiss Financial Services Limited and HSBC Securities and Capital Markets (India) Private Limited. Image Source

Next Story
Real Estate

DLF Returns to Mumbai with Premium Andheri Residential Project

Delhi-NCR based real estate major DLF announced its return to the Mumbai market on 17 July with the launch of its premium residential project, The WestPark, in Andheri. The first phase includes 416 apartments spread across four towers, with two towers launched on the announcement day. The company plans to invest over Rs 8 billion in the project and expects a topline exceeding Rs 20 billion from Phase 1.“We have launched two towers and, given the strong response, plan to unveil the remaining two towers ahead of schedule, within the next few days,” said Aakash Ohri, Joint Managing Director o..

Next Story
Infrastructure Urban

APCRDA Advances Net Zero Goal with IGBC Training for Officials

In a significant stride towards Andhra Pradesh’s Net Zero target by 2040 and the Swarna Andhra 2047 vision, the Andhra Pradesh Capital Region Development Authority (APCRDA), in partnership with the Indian Green Building Council (IGBC), conducted a high-level capacity-building programme for senior officials in Vijayawada on Friday.Held at a city hotel, the session saw the participation of over 50 senior APCRDA officials, including the Engineer-in-Chief, Chief Engineer (H&B), Director (Planning), Director (Environment), and heads of key departments. The training centred on IGBC’s Green B..

Next Story
Infrastructure Energy

Assam Solar Project Halted as Waaree EPC Contract Is Cancelled

Following the Assam government’s withdrawal from its proposed solar project, the Engineering, Procurement, and Construction (EPC) contract awarded to Waaree Renewable has been suspended. Waaree Group’s EPC division informed the stock exchange of this development through a regulatory filing.The Assam solar project was suspended due to funding challenges, which rendered the initiative unviable for the state government. Waaree Renewable Transmission Limited (RTL) explained that the Government of Assam has withdrawn the project’s funding via the Asian Development Bank (ADB) loan. Consequentl..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?