InvIT, the Powergrid Infrastructure Investment Trust is all set to announce the allotment of its IPO shares in the next few days. The issue was supported by very high subscriptions on 3rd May. The public issue is reportedly oversubscribed by around 4.83 times.
The issue enjoyed a strong response from institutional investors including FIIs, Banks, DFIs, MFs and Insurance. The reserved portion was also oversubscribed by 4.63 times.
Backed by Power Grid Corporation of India, PowerGrid InvIT raised around Rs 7735 Crores from the public issue including a fresh issue worth Rs 4993.48 Crores and the remaining was an offer for sale by eligible unit holders.
The company plans to utilize the raised capita for sanctioning loans to the Initial Portfolio Assets in order to repay borrowings and also for regular corporate expenses.
The merchant bankers to the company are expected to finalize the allotment by 10th May as mentioned in the prospectus. The ineligible investors will get a full refund of their funds as per the IPO process by 11th May. PowerGrid InvIT is expected to be listed on the bourses by 17th May.