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India Grid Trust's Rs 2,250-cr IPO oversubscribed 1.17 times

It'll become the second infrastructure investment trust to list in the country after IRB InvIT Fund

Press Trust of India  |  New Delhi 

(Photo: Shutterstock)

The of Grid Trust to raise Rs 2,250 crore was oversubscribed 1.17 times till late afternoon trade on the last day of the offer on Friday.

The issue received bids for 14,73,38,919 shares against the total issue size of 12,62,78,838, data available with the till 2:00 pm (1400 hours) showed.

The InvIT, sponsored by Grid Ventures Ltd, on Tuesday raised over Rs 1,012 crore from anchor investors.

Grid Trust, or IndiGrid, plans to raise Rs 2,250 crore through the initial share sale offer. It has a price band of Rs 98-100 per unit.

This is the second by an InvIT after IRB InvIT Fund. The of IRB InvIT Fund was oversubscribed 8.57 times earlier this month.

InvITs are debt instruments that are traded in the market and can act as investment vehicles for sponsors.

The listing of instruments enables promoters of infrastructure to monetise completed assets and raise funds for other long-term projects.

IndiGrid is an infrastructure investment trust established to own inter-state power transmission assets in

Morgan Stanley India, Citigroup Global India and Edelweiss Financial Services are the lead managers to the issue.

The units of IndiGrid will be listed on the BSE and the

First Published: Fri, May 19 2017. 16:51 IST