PowerGrid InvIT IPO to open on Apr 29 at Rs 99-100 value band

That is the primary time a PSU within the energy sector will monetise its property via the InvIT mannequin.

PGlnvlT, the infrastructure funding belief (InvIT) sponsored by state-run electrical energy transmission utility Energy Grid Company of India (PGCIL), will open the preliminary public supply (IPO) of the platform on April 29, at a value band of Rs 99 to Rs 100. There shall be recent concern of Rs 4,993.5 crore and supply on the market for one more Rs 2,741.5 crore. The supply closes on Could 3, 2021.

PGCIL is searching for to monetise a few of its transmission property via PGInvIT, which is able to contribute to the federal government’s asset monetisation programme. The particular function automobiles constituting PGInvIT are PowerGrid Warora, PowerGrid Jabalpur, PowerGrid Vizag, PowerGrid Parli and PowerGrid Kala Amb. The Cupboard had authorised the monetisation of PGCIL property via InvIT in September 2020.

PGCIL’s chairman and managing director Okay Sreekant mentioned on Monday as many as 18 different transmission tasks price Rs 22,500 crore being constructed by the corporate via the tariff-based aggressive bidding (TBCB) route may be monetised in the end via PGInvIT.

The proceeds from the supply shall be used to clear the money owed accrued by the property being monetised. “Bids will be made for a minimal lot of 1,100 models and in multiples of 1,100 models thereafter by bidders apart from the models subscribed for by anchor traders,” the corporate mentioned.

That is the primary time a PSU within the energy sector will monetise its property via the InvIT mannequin. All property underneath PGInvIT have 35 years of transmission service settlement with their respective clients, and their income flows are insulated from demand, provide and value fluctuation of energy tariff.

The lead managers to the IPO are ICICI Securities, Axis Capital, Edelweiss Monetary Companies and HSBC Securities and Capital Markets India. The PGInvIT shares are proposed to be listed on the BSE and the NSE.

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