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India Grid InvIT IPO to be launched on 17 May, price band set at Rs 98-100 per share

LiveMint logoLiveMint 09-05-2017 Promit Mukherjee

Mumbai: India Grid Trust’s initial public offering of up to Rs2,250 crore ($348 million) will be open from 17 May to 19 May, according to a regulatory filing, in what would be the country’s second listing by a infrastructure investment trust (InvIT).

India Grid Trust has set a price range of Rs98 to Rs100 per share for the IPO, IFR, a Thomson Reuters publication, separately reported on Tuesday.

InvITs, or Infrastructure Investment Trusts, are entities that control revenue-generating infrastructure assets and offer regular returns to investors.

India Grid Trust, sponsored by power transmission company Sterlite Power Grid Ventures, owns two revenue-generating transmission assets in central India, according to its filing.

Morgan Stanley, Citigroup and Edelweiss are managing the IPO.

IRB InvIT Fund became the first IPO by an infrastructure investment trust in India after raising Rs5,033 crore last week. Reuters

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