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IRB infrastructure trust's shares rise 2.9 percent on debut

Reuters  |  MUMBAI 

(Reuters) - of India's IRB InvIT Fund rose as much as 2.9 percent on their trading debut on Thursday, after the fund raised $782 million in the country's first ever investment fund initial public offering.

IRB InvIT were trading 2.21 percent higher at 104.25 rupees by 0432 GMT on the National Stock Exchange, having risen to as high as 105 rupees compared with their issue price of 102 rupees.

investment trusts and real estate investment trusts are entities that invest in rent-yielding assets and distribute most of their income to shareholders as dividends.

The IPO was subscribed 8.6 times. Investors including Singapore government entities are anchor investors in IRB InvIT.

(Reporting by Swati Bhat; Editing by Muralikumar Anantharaman)

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