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India Grid Trust IPO subscribed 16% on day 2

Press Trust of India  |  New Delhi 

The IPO of Grid to raise Rs 2,250 crore was subscribed 16 per cent on the second day of the offer today.

The initial share-sale offer received bids for 2,06,16,120 compared to the total issue size of 12,62,78,838 shares, data showed.

The quota reserved for institutional investors was subscribed 8 per cent and other investors 26 per cent.

The InvIT, sponsored by Sterlite Power 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 its initial share-sale offer, which will close tomorrow. It has 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 established to own inter-state power transmission assets in

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

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, May 18 2017. 20:07 IST