India Grid Trust IPO Opens On Wednesday: 5 Things To Know
The initial public offer (IPO) of India Grid Trust, India’s second infrastructure investment trust (InvIT), opens for subscription on Wednesday. Priced in a band of Rs. 98-Rs. 100, India Grid Trust plans to raise Rs. 2,250 crore by issuing 22.5 crore shares through this IPO. Bids for the IPO can be made for a minimum of 10,206 units and in multiple of 5,103 units thereafter. India Grid Trust IPO will be open for three days through May 19, 2017. Its shares will be listed on NSE and BSE.
Here are five things to know about this issue:
1) Established on October 21, 2016, India Grid is an infrastructure investment trust, established to own interstate power transmission assets in India. Its sponsor – Sterlite Power Grid Ventures Limited – is a power transmission company with extensive experience in bidding, designing, financing, constructing and maintaining power transmission projects across India. Sterlite Investment Managers Limited is the investment manager of this fund, while Sterlite Power Grid Ventures Limited is the project manager. The investment objective of IndiGrid is to undertake activities as an infrastructure investment trust in accordance with the provisions of the InvIT Regulations and the Trust Deed. Axis Trustee Services, the trustee of India Grid Trust, will oversee the activities of the investment manager in the interest of the unit holders.