IndiGrid NCD issue oversubscribed nearly 10 times, to raise Rs 1,000 cr

By: |
April 28, 2021 3:14 PM

Infrastructure investment trust IndiGrid's public issue of non-convertible debt securities has been subscribed nearly 10 fold within hours of opening on Wednesday.

IIFL Finance NCDThe issue is for four different categories of investors, including financial institutions, companies, high net worth individuals and retail investors. (Representative Image)

Infrastructure investment trust IndiGrid’s public issue of non-convertible debt securities has been subscribed nearly 10 fold within hours of opening on Wednesday. IndiGrid’s NCDs issue base size was of Rs 100 crore with a green shoe option of additional Rs 900 crore.

Through the issue of non-convertible debt securities IndiGrid aims to raise up to Rs 1,000 crore. According to latest data of the subscription of the issue, bids were received for 96,50,352 (965.04 per cent) against the 10,00,000 NCDs of Rs 1,000 each on offer with a green shoe option of 90,00,000 NCDs. The issue opened on Wednesday and is scheduled to close on May 5.

Earlier this month, the Insurance Regulatory and Development Authority (IRDA) had allowed insurance firms to invest in debt securities of infrastructure and real estate investment trusts. There was interest from insurance firms in this non-convertible debt securities (NCD) issue as well.

A meeting of the allotment committee of the board of directors of IndiGrid Investment Managers Ltd, acting in the capacity of Investment Manager to India Grid Trust (IndiGrid) was held on April 22, 2021.

In that meeting, the Allotment Committee inter-alia considered and approved the public issue of secured, rated, listed, redeemable non-convertible debt securities (NCDs) having a face value of Rs 1,000 each for an amount up to Rs 100 crores (Base Issue Size) with an option to retain over-subscription of up to Rs 900 crore. The issue is for four different categories of investors, including financial institutions, companies, high net worth individuals and retail investors.

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