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    PowerGrid InvIT IPO to open on April 29 at price band of Rs 99-100 per unit

    PowerGrid InvIT IPO to open on April 29 at price band of Rs 99-100 per unit

    PowerGrid InvIT IPO to open on April 29 at price band of Rs 99-100 per unit
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    By CNBCTV18.com  IST (Published)

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    The initial public offering (IPO) of Power Grid Corporation of India owned PowerGrid Infrastructure Investment Trust (Powergrid InvIT) will open for subscription on April 29 at a price band of Rs 99-100 per unit.

    The initial public offering (IPO) of Power Grid Corporation of India-owned PowerGrid Infrastructure Investment Trust (Powergrid InvIT) will open for subscription on April 29 at a price band of Rs 99-100 per unit.
    The issue, which will be the first offer by the public sector company, closes on May 3, 2021, while the anchor book will open for bidding for a day on April 28.
    The public issue comprises a fresh issue of Rs 4,993.48 crore and an offer for sale of 2,741.51 crore by selling unitholders.
    Investors, other than anchor investors, can bid for a minimum of 1,100 units and in multiple of 1,100 units thereafter.
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    The company proposes to utilise the net proceeds from the fresh issue for providing loans to the initial portfolio assets for repayment or pre-payment of debt and general corporate purposes.
    ICICI Securities, Axis Capital, Edelweiss Financial Services, and HSBC Securities and Capital Markets (India) are the book running lead managers to the offer.
    Powergrid InvIT set up to own, construct, operate, maintain and invest as an infrastructure investment trust as permissible in terms of the InvIT Regulations, including in power transmission assets in India.
    Its sponsor, Power Grid Corporation of India, is engaged in project planning, designing, financing, constructing, operating, and maintaining power transmission projects across India and undertakes operations in the Indian telecom infrastructure sector.
    As of December 31, 2020, Power Grid Corporation of India provides transmission and distribution consultancy services in India and other jurisdictions, with footprints in 21 countries (including India).
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