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India Grid Trust (“IndiGrid” or the “Trust”), has filed a Draft Offer Document with capital market regulator Securities and Exchange Board of India (SEBI) for the proposed issue of its units for an amount up to Rs 2,650 crore.
IndiGrid is an infrastructure investment trust (“InvIT”) established to own inter-state power transmission assets in India. Sterlite Power Grid Ventures Ltd and Sterlite Infraventures Ltd are the Sponsor and Investment Manager, respectively of IndiGrid. Axis Trustee Services Ltd is the Trustee.
This Issue will constitute at least 25 per cent of the outstanding units of IndiGrid on a post-Issue basis. The InvIT has been given the Corporate Credit Rating of AAA, by CRISIL, “Ir AAA” with stable outlook by ICRA and IND “AAA / Stable” by India Ratings.
InvITs are meant to raise money from the public for private infrastructure projects, similarly to a mutual fund. To encourage the instrument, SEBI recently relaxed the norms for InvITs, putting in place a new framework with enhanced disclosure norms.IndiGrid will be the first such instrument in the country.
The units of IndiGrid are proposed to be listed on the National Stock Exchange of India Ltd and BSE Ltd.
Lead Managers to the issue are Morgan Stanley India Company Pvt Ltd, Citigroup Global Markets India Pvt Ltd and Edelweiss Financial Services Ltd.
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