India Grid Trust, an infrastructure investment trust (InvIT) sponsored by Sterlite Power Grid Ventures Limited (SPGVL), on Tuesday raised Rs 1,012.43 crore from 19 anchor investors a day before its initial public offering. The investors who acquired shares through anchor allotment include Deutsche Global, Kotak Mahindra, DSP Blackrock, Reliance Nippon, Reliance General Insurance, Edelweiss Tokio, BNP Paribas, UBS, Credit Suisse among others. India Grid Trust plans to raise Rs 2,250 crore from the IPO, with a price band of Rs 98-Rs 100. The IPO, the second in the InvIT segment, will open on May 17 and close on May 19.
The issue constitutes 25% of the outstanding units of IndiGrid on a post-issue basis. India Grid trust was earlier looking to raise Rs2,650 crore but trimmed its issue size to Rs2250 crore. More than 60% or Rs1,600 cr will be used to repay debt in two projects — Bhopal Dhule Transmission and Jabalpur Transmission.