The IPO of India Grid Trust to raise Rs 2,250 crore was oversubscribed 1.35 times on the last day of offer today. The issue received bids for 17,01,85,050 shares against the total issue size of 12,62,78,838 shares, as per data available with the NSE till 1830 hours. Institutional investors portion was oversubscribed 1.14 times and other investors 1.59 times, sources said. "We are delighted to announce that we have seen a strong response to our InvIT issue from all categories of investors. India now formally has a new avenue for infrastructure financing and we are proud to have played a role in its creation.
We express our deep gratitude for the confidence shown by investors and we remain committed to meeting their expectations," said Pratik Agarwal, Chief Executive, Sterlite Power. The InvIT, sponsored by Sterlite Power Grid Ventures, on Tuesday raised over Rs 1,012 crore from anchor investors. India Grid Trust, or IndiGrid, has set a price band of Rs 98-100 per unit. This is the second IPO by an InvIT after IRB InvIT Fund. The IPO 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 India. Morgan Stanley India, Citigroup Global Markets India and Edelweiss Financial Services are the lead managers to the issue. The units of IndiGrid will be listed on the BSE and the NSE.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)