Infrastructure investment trust (InvIT) IndiGrid, established by Sterlite Power Grid Ventures, is likely to be listed by March-end. This will be the first InvIT to be listed in India. The company, which filed its IPO worth ₹2,650 crore with SEBI is likely to get the nod on Thursday. Recently, SEBI had approved the proposal of IRB InvIT Fund to raise ₹4,300 crore through an initial public offering.
Sterlite Power had filed the draft red-herring prospectus with SEBI in the first week of December. The minimum investment in the IPO is ₹10 lakh and trading lot in such instruments is set at ₹5 lakh post-listing, according to SEBI guidelines. MFs have recently been allowed to invest in such instruments by SEBI. While the capital markets regulator has allowed insurers to invest, the latter is awaiting approval from the Insurance Regulatory and Development Authority.
The issue has been given AAA ratings by credit rating agencies CRISIL, India Ratings and ICRA.
Post-listing, Sterlite is required to hold at least 15 per cent in the trust, according to SEBI norms.
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.