The public issue for Power Grid Infrastructure Investment Trust opened for subscription from 29th April to 3rd May
The public issue for Power Grid Infrastructure Investment Trust opened for subscription from 29th April to 3rd May. The price band for the issue was fixed at 99-100 per share.
The public issue included an offer for sale of 2751 crores and a fresh issue of Rs 4993 crores. The company owned by the state-run Power Grid Corporation of India plans to use the raised capital for paying off debts and corporate purposes.
The lot size for the issue was 1100 shares and in multiple of 1100 shares thereafter.
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.
Conclusion
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. Before you trade in PowerGrid InvIT stocks, get your free risk profile analysis to know about your risk appetite.Happy Investing!