Power Grid InvIT mops up ₹ 3,480 crore from 47 anchor investors

K.R.Srivats New Delhi | Updated on April 29, 2021

Public issue of Power Grid InvIT opens today; price band is ₹ 99-100 per unit

Maharatna company Power Grid Corporation’s InvIT offering got off to a strong start, with the anchor book seeing a mop-up of ₹ 3,480 crore on Wednesday from 47 institutional investors that included many international and leading domestic funds. The amount mobilised through the anchor book accounted for nearly 45 per cent of the targeted ₹ 7,735 crore from the public issue.

The public issue of this InvIT, first ever from a public sector company, opens on Thursday and has a price band of ₹ 99-100 per unit.

In the anchor book, CPP Investment Board Private Holdings Inc has been allocated 7.99 crore units (₹ 799.99 crore), US-based Capital Income Builder allotted 4 crore units (₹ 400 crore) and SBI Equity Hybrid Fund got 3.77 crore units (₹ 377 crore), sources close to the development said.

Out of the total allocation of 34.80 crore units to anchor investors, 9.77 crore units were allocated to six mutual funds through 20 mutual fund schemes. The mutual fund houses that got the allocations are SBI Mutual Fund, HDFC Mutual Fund, ICICI Mutual Fund, Tata Mutual Fund, UTI and Sundaram Mutual Fund.

Several insurers, including SBI Life Insurance, Max Life Insurance, PNB MetLife Insurance, Aditya Birla Sun Life Insurance, Canara HSBC Oriental Bank of Commerce Life Insurance and ICICI Lombard General Insurance have got allocations, sources said.

Published on April 29, 2021

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