PowerGrid InvIT fixes IPO price band at Rs 99-100 per unit

The net proceeds from the fresh issue will be utilised for providing loans to the initial portfolio assets for repayment or pre-payment of debt, and general corporate purposes.

Investors, other than anchor investors, can bid for a minimum of 1,100 units and in multiple of 1,100 units thereafter.

PowerGrid InvIT is set up to own, construct, operate, maintain and invest as an infrastructure investment trust as permissible in terms of the InvIT Regulations, including in power transmission assets in India. Its sponsor, Power Grid Corporation of India, is also acting in the capacity of InvIT's project manager.

The PowerGrid InvIT's Initial Portfolio Assets comprise five power transmission projects located across five states of India. The projects comprise 11 transmission lines, including six 765 kV transmission lines and five 400 kV transmission lines, with a total circuit length of approximately 3,698.59 ckm, and three substations with 6,630 MVA of an aggregate transformation capacity and 1,955.66 km of optical ground wire.

"We have a positive outlook towards InvIT," Yash Gupta, Equity Research Associate at Angel Broking said.

Moneycontrol was the first to report the launch PowerGrid InvIT IPO.

ICICI Securities, Axis Capital, Edelweiss Financial Services, and HSBC Securities and Capital Markets (India) are the book running lead managers to the offer.