POWERGRID Infrastructure Investment Trust to open IPO of its Units on April 29, 2021 and close on May 3, 2021
The iniMal public offering (“IPO” or “Offer”) of units of POWERGRID Infrastructure Investment Trust (“POWERGRID InvIT”), an InvIT set-up to own, construct, operate, maintain and invest as an infrastructure investment trust as permissible in terms of the InvIT RegulaMons, including in power transmission assets in India, will open on Thursday, April 29, 2021 at a price band of Rs 99 to Rs 100. The offer closes on Monday May 3, 2021. POWERGRID InvIT is issuing Units aggregaMng up to ₹49,934.84 million (“Fresh Issue”) and the Selling Unitholder is offering Units aggregaMng up to ₹27,415.08 million. The Anchor Investor Bidding Date shall be one Working Day prior to the Bid/Offer Opening Date i.e. April 28, 2021.
The Units of POWERGRID InvIT are proposed to be listed on BSE Limited (“BSE”) and NaMonal Stock Exchange of India Limited (“NSE”, together with BSE, the “Stock Exchanges”). The Trust has received in-principle approvals from BSE and NSE for lisMng of the Units pursuant to leaers dated February 2, 2021 and February 3, 2021, respecMvely. This Offer will consMtute at least 10% of the outstanding Units on a post-Offer basis.
The Net Proceeds from the Offer will be uMlised towards the following objects: (i) providing loans to the IniMal Poreolio Assets for repayment or pre-payment of debt, including any accrued interest, availed by the IniMal Poreolio Assets; and (ii) for general purposes.
This Offer is being made through the Book Building Process and in compliance with the [InvIT RegulaMons and the SEBI Guidelines,] wherein not more than 75% of the Offer shall be available for allocaMon on a propor Monate basis to InsMtuMonal Investors, provided that the Investment Manager and the Selling Unitholder may, in consultaMon with the Lead Managers, allocate up to 60% of the InsMtuMonal Investor PorMon to Anchor Investors on a discreMonary basis in accordance with the InvIT RegulaMons and the SEBI Guidelines.
Further, not less than 25% of the Offer shall be available for allocaMon on a proporMonate basis to Non-Ins MtuMonal Investors, in accordance with the InvIT RegulaMons and the SEBI Guidelines, subject to valid Bids being received at or above the Offer Price.
Bids can be made for a minimum lot of 1,100 Units and in mulMples of 1,100 Units therea]er by Bidders other than the units subscribed for by Anchor Investors.
IDBI Trusteeship Services Limited is the Trustee, while Power Grid CorporaMon of India Limited is the Sponsor. POWERGRID Unchahar Transmission Limited is the Investment Manager.
The Lead Managers to the Offer are ICICI SecuriMes Limited, Axis Capital Limited, Edelweiss Financial Services Limited and HSBC SecuriMes and Capital Markets (India) Private Limited.