MUMBAI, (GNI): India Grid Trust (“IndiGrid” or the “Trust”), proposes to open on May 17, 2017, an initial public issue of its Units for cash at a Price Band per Unit of Rs.98 to Rs.100, aggregating up to Rs. 22,500 million (the “issue”).IndiGrid (Website: www.indigrid.co.in) is an infrastructure investment trust (“InvIT”) established to own inter-state power transmission assets in India. Sterlite Power Grid Ventures Limited and Sterlite Investment Managers Limited are the Sponsor and Investment Manager, respectively of IndiGrid. Axis Trustee Services Limited is the Trustee of IndiGrid.
Bids can be made for a minimum of 10,205 Units and in multiples of 5,103 Units thereafter. The Bid/ Issue Closing Date is May 19, 2017. The Anchor Investor Bid/Issue Period shall be one Working Day prior to the Bid/Issue Opening Date; i.e., May 16, 2017. Minimum Bid size for Bidders other than Anchor Investors is Rs. 1 million (Rs. 10 lakh).
The Initial Public Issue is in reliance upon Regulation 14(4) of the Securities and Exchange Board of India (Infrastructure Investment Trusts) Regulations, 2014, as amended, including any circulars and rules issued thereunder (the “InvIT Regulations”). This Issue will constitute at least 25% of the outstanding Units of IndiGrid on a post-Issue basis.
IndiGrid has been given the Corporate Credit Rating of AAA/Stable by CRISIL, “IrAAA” with stable outlook by ICRA and IND “AAA”/ Stable by India Ratings.
This Issue is being made through the Book Building Process and in compliance with the InvIT Regulations and the SEBI circular no. CIR/IMD/DF/55/2016 dated May 11, 2016 (the “SEBI Guidelines”),, wherein not more than 75% of the Issue shall be available for allocation on a proportionate basis to Institutional Investors, provided that the Investment Manager 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 Issue 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 Issue Price.
The Units of IndiGrid are proposed to be listed on BSE Limited (“BSE”) and National Stock Exchange of India Limited (“NSE”).
The Lead Managers to the Issue are Morgan Stanley India Company Private Limited, Citigroup Global Markets India Private Limited and Edelweiss Financial Services Limited. Ends