Sterlite Power Grid Ventures is looking to raise around Rs. 2,650 crore through its InvIT India Grid Trust’s initial public offering (IPO).
April 26, 2017
India Grid Trust (IndiGrid), an infrastructure investment trust (InvIT) sponsored by Sterlite Power Grid Ventures Ltd plans to launch an initial public offering (IPO) in mid-May, as per some media reports. InvITs are trusts that manage income-generating infrastructure assets, offering investors regular yields and a liquid way to invest in infrastructure projects. Sterlite Power Grid filed the draft offer documents for the InvIT in December. The company owns power transmission assets in India.
On April 25, IRB Infrastructure Developers Ltd said it would be launching a public offering for its InvIT on 3 May. IRB’s public offering will be the first such in the country. IRB plans to raise Rs. 5,035 crore. Sterlite is looking to raise around Rs. 2,650 crore through the share sale in India Grid. On the same day, the company also filed its red herring prospectus with markets regulator Securities and Exchange Board of India (Sebi), the media report added.
