PowerGrid Infrastructure Investment Trust (InvIT) will knock the capital markets by opening its offer from April 29 to raise Rs 7,734 crore through an initial public offering (IPO) of its units.

The IPO 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. The public issue will remain open for bids by investors till May 3. With its public issue, PowerGridInvIT will become only the third InvIT to list on domestic stock exchanges, after IRB InvIT and IndiGrid Trust InvIT. Earlier in April, analysts had said that more REITs and InvITs could be expected after the Union Budget sought to make these asset classes more attractive for investors.

POWERGRID InvIT is issuing Units aggregating up to Rs 4,993.484 crore and the Selling Unitholder is offering Units aggregating up to Rs 2,741.508 crore. As per the schedule, the Anchor Investor Bidding Date shall be one Working Day prior to the Bid/Offer Opening Date i.e. April 28, 2021.

On successful listing, PowerGrid InvIT could become the first state-owned trust to explore this route to monetize its assets.

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