The fund raised will be used to part finance its capital expansion requirement, to provide inter-corporate loans to wholly-owned subsidiaries/JVs and for general corporate purposes
PowerGrid InvIT IPO subscribed 10% on Day 1
PowerGrid InvIT IPO subscribed 10% on Day 1
The initial public offer of PowerGrid Infrastructure Investment Trust was subscribed 10 per cent on Thursday, the first day of subscription.
The issue received bids for 4,32,42,100 units against 42,54,25,000 units on offer, as per NSE data. Institutional investors category was subscribed 3 per cent and those for other investors 19 per cent.
The IPO comprises a fresh issue of shares worth Rs 4,993.48 crore and offer for sale to the tune of Rs 2,741.50 crore by selling shareholders.
The price range for the offer, which will close on May 3, is Rs 99-100 per unit.
PowerGrid Infrastructure Investment Trust on Wednesday raised a little over Rs 3,480 crore from anchor investors ahead of its initial public offer, which opens for subscription on Thursday. It has been decided to allocate 34,80,74,100 units at Rs 100 apiece to 47 anchor investors, aggregating the total to Rs 3,480.74 crore, according to a circular uploaded on BSE website. Among the anchor investors are SBI Mutual Fund (MF), HDFC MF, Tata MF, Fidelity Funds, Tata AIA Life Insurance Company, Tata AIG General Insurance Company, SBI Life Insurance Company, UTI MF, ICICI Prudential MF, Sundaram MF, Rainbow Investments Ltd and CPP Investment Board Private Holdings.
PowerGrid Infrastructure Investment Trust (PowerGrid InvIT) is owned by state-owned PowerGrid Corporation of India.