POWERGRID Infrastructure Investment Trust to open IPO of its Units on 29 April

The initial public offering (“IPO” or “Offer”) of units of POWERGRID Infrastructure Investment Trust (“POWERGRID InvIT”), an InvIT 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, will open on Thursday, April 29, 2021 at a price band of Rs 99 to Rs 100. The offer closes on Monday May 3, 2021. POWERGRID InvIT is issuing Units aggregating up to ₹49,934.84 million (“Fresh Issue”) and the Selling Unitholder is offering Units aggregating up to ₹27,415.08 million. The Anchor Investor Bidding Date shall be one Working Day prior to the Bid/Offer Opening Date i.e. April 28, 2021.

The Units of POWERGRID InvIT are proposed to be listed on BSE Limited (“BSE”) and National Stock Exchange of India Limited (“NSE”, together with BSE, the “Stock Exchanges”). The Trust has received in-principle approvals from BSE and NSE for listing of the Units pursuant to letters dated February 2, 2021 and February 3, 2021, respectively. This Offer will constitute at least 10% of the outstanding Units on a post-Offer basis.

The Net Proceeds from the Offer will be utilised towards the following objects: (i) providing loans to the Initial Portfolio Assets for repayment or pre-payment of debt, including any accrued interest, availed by the Initial Portfolio Assets; and (ii) for general purposes.

This Offer is being made through the Book Building Process and in compliance with the [InvIT Regulations and the SEBI Guidelines,] wherein not more than 75% of the Offer shall be available for allocation on a proportionate basis to Institutional Investors, provided that the Investment Manager and the Selling Unitholder may, in consultation with the Lead Managers, allocate up to 60% of the Institutional Investor Portion to Anchor Investors on a discretionary basis in accordance with the InvIT Regulations and the SEBI Guidelines.

Further, not less than 25% of the Offer shall be available for allocation on a proportionate basis to Non-Institutional Investors, in accordance with the InvIT Regulations and the SEBI Guidelines, subject to valid Bids being received at or above the Offer Price.

Bids can be made for a minimum lot of 1,100 Units and in multiples of 1,100 Units thereafter by Bidders other than the units subscribed for by Anchor Investors.

IDBI Trusteeship Services Limited is the Trustee, while Power Grid Corporation of India Limited is the Sponsor. POWERGRID Unchahar Transmission Limited is the Investment Manager.

The Lead Managers to the Offer are ICICI Securities Limited, Axis Capital Limited, Edelweiss Financial Services Limited and HSBC Securities and Capital Markets (India) Private Limited.