April 23, 2024


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Powergrid Company raises Rs 2,736 crore by means of InvIT OFS, Power Information, ET EnergyWorld

NEW DELHI: Condition-operate Energy Grid Company of India Ltd (PGCIL) on Friday reported it has been given Rs 2,736.02 crore by way of sale of 27.41 crore models in the PowerGrid Infrastructure Investment decision Believe in (PGInvIT) offer for sale.

Before in the day, the units issued by PGInvIT have been detailed on NSE and BSE. PGCIL has made the PGInvIT to monetise its assets.

The original portfolio of property in the InvIT contains 5 particular intent automobiles (SPVs) — PowerGrid Vizag Transmission Ltd (PVTL), PowerGrid Kala Amb Transmission Ltd (PKATL), PowerGrid Parli Transmission Ltd (PPTL), PowerGrid Warora Transmission Ltd (PWTL) and PowerGrid Jabalpur Transmission Ltd (PJTL).

PGCIL, less than the procedure of monetisation of belongings via the InvIT, has transferred 74 for each cent of its shareholding to the PGInvIT, it reported in a BSE filing.

In lieu of thing to consider of shareholding so transferred, models have been allotted by PGInvIT to PGCIL.

Out of the complete 410,650,900 models allotted to PGCIL, 136,500,100 models (15 per cent of overall models of PGInvIT fantastic put up challenge, to be locked-in from the date of listing of units pursuant to InvIT Polices) had been retained by PGCIL.

The remaining 27,41,50,800 units had been marketed by way of Present for Sale (OFS).

PGCIL acquired an sum of Rs 2736.02 crore (internet of STT) versus the OFS, it stated.

Before this thirty day period, the initial public give of PowerGrid Infrastructure Investment Have confidence in was subscribed 4.83 instances. Rate selection for the supply was at Rs 99-100 for every unit.

PGInvIT closed the trade with a high quality of 3 for every cent on Friday towards its concern rate of Rs 100.

InvITs are devices on the pattern of mutual money and are built to pool small sums of funds from a variety of investors to spend in assets that give dollars circulation more than a interval of time.

In a separate submitting, the corporation stated its wholly-owned subsidiary PowerGrid Ajmer Phagi Transmission Ltd, which experienced bagged a project to build transmission technique for “Building of Ajmer (PG)-Phagi 765 kV D/C line together with related bays for Rajasthan SEZ” on develop, personal, operate and preserve foundation, correctly commissioned the undertaking on May possibly 6, 2021.