India Grid Trust’s (IndiGrid Trust) ₹100-crore non-convertible debenture (NCD) issue has received overwhelming response from investors.
The issue, which had a base size of ₹100 crore with a green shoe option to retain ₹900 crore, has been subscribed almost 24 times (of the base issue size), according to the data available with the exchanges.
Subscription
India Grid Trust has received bids for 2.39 crore NCDs. The company issue comes with 10 lakh NCDs of face value of ₹1,000 each.
Though the NCD issue will remain open till May 5, the company may decide to close the issue earlier, if the response is huge.
India Grid Trust is a power sector infrastructure investment trust in India and IndiGrid is registered as an InvIT (Infrastructure Investment Trusts) with SEBI.
Interest rate range
The interest rates on the NCDs range from 6.65 per cent (for 3 year annual payment) up to 8.2 per cent (for 10 years annual interest payment).
These NCDs come with tenures of 3, 5, 7 and 10 years. Investors could get income, either quarterly or yearly, depending on the option chosen.