Power Grid to monetise assets and raise around Rs8,000cr through InvIT IPO

This will also be only the third InvIT to get listed in the domesticc markets, after IRB InvIT and India Grid Trust which went live in 2017.

Jan 28, 2021 10:01 IST India Infoline News Service

PowerGrid
Power Grid Corporation of India Limited, a state-owned power transmission company, has filed a DHRP for the first ever infrastructure investment trust (InvIT) by a state owned entity.

This will also be only the third InvIT to get listed in the domesticc markets, after IRB InvIT and India Grid Trust which went live in 2017.

The Corp has filed its papers with SEBI to monetise assets and raise around Rs8,000cr or more than a billion dollars, said Moneycontrol in a report.

The InvIT IPO comes at a time when the government is facing a sharp shortfall in government's 2.1 lakh crore disinvestment target.

“ICICI Securities, Axis Capital, Edelweiss and HSBC Securities are the investment bankers working on this proposed InvIT, which is likely to be launched in March 2021,” Moneycontrol's source said.

PowerGrid said that the draft offer has been filed in relation to the proposed initial public offer of units by PGInvIT, which is proposed to consist of a fresh issue of units by PGInvIT and an offer for sale of units by Power  Grid, with SEBI for its observations.

The company's stock was trading 2.23% lower at Rs188.20 per piece at around 11:02 AM on the BSE.

Related Story

Open Free Demat Account (Rs699)