India Grid Trust to mull raising debt on 16 March

The board of India Grid Trust will meet on Tuesday, 16 March 2021, to consider raising debt through various sources.

The board of IndiGrid Investment Managers (formerly known as Sterlite Investment Managers) acting in the capacity of Investment Manager to India Grid Trust, is scheduled to be held on Tuesday, 16 March 2021 to consider and approve raising of debt through various sources including term loans, public and private placement of non-convertible debentures and/or any other mode as may be permitted under applicable law.

The company will also discuss various matters in connection with the rights issue, such as, the determination of the issue size, issue price, entitlement ratio, the record date, timing of the issue and other related matters. The announcement was made post trading hours on Wednesday, 10 March 2021.

Shares of India Grid Trust were flat at Rs 132 on BSE. On the technical front, the stock's RSI (relative strength index) stood at 52.108. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.

The stock was trading above its 50-day moving average (DMA) placed at 131.48 and its 200-day moving average (DMA) placed at 112.36.

IndiGrid is the first Infrastructure Investment Trust (InvIT) in the Indian power sector. It owns 12 operating projects consisting of 34 transmission lines with more than 6,740 ckms length and 9 substations with 12,290 MVA transformation capacity. IndiGrid has assets under management (AUM) worth about Rs 15000 ($2.1 bln). The investment manager of IndiGrid is majority owned by KKR.

The Indian stock market was shut yesterday (11 March 2021) on account of Mahashivratri.

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