PowerGrid Infrastructure Investment Trust (InvIT) will hit the market on Thursday, April 29, 2021, to raise Rs 7,734 crore through an initial public offering (IPO) of its units. The company has set the IPO date as well as the price range at which the shares will be offered for sale. Let’s take a peek at the particulars of the PowerGrid InvIT IPO.
PowerGrid InvIT IPO Date & Price Band
|IPO Open:||29 April 2021|
|IPO Close:||3 May 2021|
|Issue Type:||Book Built Issue IPO|
|Fresh Issue:||Approx ₹4993.48 Crores|
|Offer for Sale:||Approx ₹2741.51 Crores|
|Total IPO Size:||Approx ₹7734.99 Crores|
|Face Value:||₹ Per Equity Share|
|Price Band:||₹99-₹100 Per Equity Share|
|Listing on:||BSE NSE|
PowerGrid InvIT IPO Market Lot
|Minimum Lot Size:||Minimum 1100 Shares|
|Minimum Lot Size:||Maximum 1100 Shares|
PowerGrid InvIT IPO Allotment & Listing
|Basis of Allotment:||10 May 2021|
|Refunds:||11 May 2021|
|Credit to Demat Account:||11 May 2021|
|Listing Date:||17 May 2021|
Financials of PowerGrid Infrastructure Investment Trust (InvIT) IPO
|Total Revenue (in ₹ crores)||1009.1||1334.1||984.1||345.60|
|Expenses (in ₹ crores)||461.4||846.7||636.1||217.1|
|Net Profit (in ₹ crores)||337.1||378.8||248.1||114.1|
About PowerGrid Infrastructure Investment Trust (InvIT)
Powergrid InvIT owns, constructs, operates, maintains and invests in power transmission assets in India. On January 7, 2021, Powergrid InvIT registered as an InvIT with SEBI.
A credit rating was given to the Powergrid InvIT from ICRA Limited, CARE Ratings Limited, and CRISIL Ratings Limited for Provisional [ICRA] AAA (Stable), CARE AAA (IS), Stable and Provisional CCR AAA/Stable.
Power Grid Corporation of India Limited is the sponsor of Powergrid InvIT (PGCIL). PGCIL is the country’s largest power transmission company. PGCIL works on power transmission projects all over India, planning, developing, funding, building, running, and sustaining them.
POWERGRID Unchahar Transmission Limited, a wholly-owned subsidiary of PGCIL, is the Investment Manager for Powergrid InvIT. They are in charge of handling the InvIT, as well as the Initial Portfolio Assets and making investment decisions for its assets.
IDBI Trusteeship Services Limited, Powergrid InvIT’s Trustee, is a SEBI-registered debenture trustee. They are in charge of ensuring that the company’s business practises and investment plans are compliant with the InvIT Regulations, as well as overseeing the activities of our Investment Manager and Project Manager.
Objective of the Issue:
The company plans to use the funds from the IPO for the following purposes:
- Providing loans to the Initial Portfolio Assets for the repayment or prepayment of debt owed to the Initial Portfolio Assets, plus any accumulated interest.
- To fulfil general corporate objectives.