India Grid Trust (IndiGrid), an infrastructure investment trust (InvIT), which had raised ₹1,000 crore through a public issue of non-convertible debentures (NCD) last week, is set to list it on both BSE and NSE on Monday.

The country’s first power sector InVIT, which was backed by global investors such as Kohlberg Kravis Roberts & Co and Government Of Singapore Investment Corporation (GIC), had opened the issue for subscription on April 28 and closed on April 30, ahead of schedule close of May 5.

IndiGrid owns assets worth ₹20,000 crore in 13 power transmission assets located across 17 States and one Union Territory.

“The success of the issue in the light of logistical challenges surrounding second wave of Covid-19 and otherwise lacklustre debt markets in long term tenor issuances firmly establishes public issues as a viable alternative towards fund-raising for highly-rated good quality issuers. Due to major oversubscription across categories, a lot of investors were not able to get allocation or got partial allocation,” Ajay Manglunia Head (Fixed Income) and Managing Director of JM Financial said.

JM Financial was the sole lead manager to the issue.

The issue had collected ₹2,392 crore on the first day against the base size of ₹100 crore, which included a Greenshoe option of ₹900 crore.

The retail and other individuals contributed 80 per cent of the collections compared with lower returns in traditional investment options such as fixed deposits, while nearly 70 per cent of the collections were in the 10-year segment (long-term option). The institutional and corporate segments were also fully subscribed.

Related Topics