India Grid InvIT slips further After Getting Subdued Listing
Shital Jibhe / 08 Jun 2017
InvITs are debt instruments that are traded in the market and can act as investment vehicles for sponsors. The listing of instruments enables promoters of infrastructure to monetize completed assets and raise funds for other long-term projects.
InvITs are debt instruments that are traded in the market and can act as investment vehicles for sponsors. The listing of instruments enables promoters of infrastructure to monetize completed assets and raise funds for other long-term projects. India Grid InvIT is trading lower by 1.3% at Rs 97.75 per unit as compared to its issue price in the post-lunch hour on Thursday, after tepid listing on the bourses.
At a discount of 1.6% on Tuesday, the stock got listed at Rs 99.02. The IPO of India Grid InvIT to raise Rs 2250 crore was subscribed at 65%.
The InvIT, sponsored by Sterlite Power Grid Ventures Ltd, had raised over Rs 1012 crore from anchor investors.
Through its initial share sale offer, which closed on May 19, 2017, India Grid Trust or IndiGrid raised Rs 2250 crore. It had a price band of Rs 98 to 100 per unit. This is the second IPO by an InvIT after IRB InvIT Fund.
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