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New Delhi: Transmission utility PowerGrid on Wednesday filed draft papers for an IPO (initial public offering) of its first InvIT (infrastructure investment trust) for nearly Rs 8,000 crore, making it the first state-run entity to monetise its assets through this route.
The IPO aims to raise up to Rs 4,995 crore by selling new units of the InvIT and another Rs 3,000 crore through sale of PowerGrid’s units in the trust. The InvIT will initially have a portfolio of five projects entailing 11 transmission lines aggregating 3,698km owned and operated by PowerGrid across five states. These were awarded to PowerGrid through tariff-based competitive bidding.
The power ministry had in September 2020 secured cabinet approval for PowerGrid to monetise transmission lines via InvIT. ICICI Securities, Axis Capital and Edelweiss are managing the InvIT IPO.
The IPO aims to raise up to Rs 4,995 crore by selling new units of the InvIT and another Rs 3,000 crore through sale of PowerGrid’s units in the trust. The InvIT will initially have a portfolio of five projects entailing 11 transmission lines aggregating 3,698km owned and operated by PowerGrid across five states. These were awarded to PowerGrid through tariff-based competitive bidding.
The power ministry had in September 2020 secured cabinet approval for PowerGrid to monetise transmission lines via InvIT. ICICI Securities, Axis Capital and Edelweiss are managing the InvIT IPO.
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