IndiGrid InvIT hits public bond sale, gets double subscriptions
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A large Mumbai-based infrastructure conglomerate and a private life insurance company attached to a “salt-to-steel” group bid to own those papers with yield-hungry wealthy investors taking the lead, sources told ET.
Investor response defied an existing arid bond street, dented by the second wave of coronavirus.
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MUMBAI: KKR-backed India Grid Trust (IndiGrid Trust), a power sector infrastructure investment trust (InvIT), obtained more than double subscriptions for its maiden public bond sale that opened for subscription Wednesday amid an economic depression.
A large Mumbai-based infrastructure conglomerate and a private life insurance company attached to a “salt-to-steel” group bid to own those papers with yield-hungry wealthy investors taking the lead, sources told ET.
India Grid Trust s ₹100-croreNCD issue subscribed 24 times - The Hindu BusinessLine
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IndiGrid NCD issue oversubscribed nearly 10 times, to raise Rs 1,000 cr
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Why you should subscribe to IndiGrid InvIT rights issue
Annual payouts and scope for capital appreciation bode well for investors
India Grid Trust (IndiGrid), the country’s first listed power sector infrastructure investment trust (InvIT), which was set up in 2016, is coming out with a rights issue.
IndiGrid proposes to raise up to ₹1,284 crore via its rights issue that will be open from April 6 to April 13, 2021. Existing unitholders can subscribe to the issue at a price of ₹110 per unit in the ratio of one for five. IndiGrid units are trading at ₹136.25 per unit currently (BSE).
The issue proceeds will be used for acquisition of 26 per cent equity capital of NER Transmission, an inter-state power transmission project, and part repayment of the outstanding external debt. Post the issue, the consolidated debt-to-equity ratio is expected to go down from 0.65 times to 0.58 times.