Sterlite-sponsored India Grid Trust raises Rs1,012.44 crore from anchor investors

India Grid Trust, an Infrastructure Investment Trust (InvIT) sponsored by Sterlite Power Grid Ventures (SPGV), has raised Rs1,012 crore from 19 anchor investors. The trust's invIT issue opens on 17 May and closes on 19 May 2017.

The trust has allotted 10.12 crore units at Rs 100 per unit (at upper end of the price band), company said in a BSE filing.

The anchor investors included Deutsche Global Infrastructure Fund, Kotak Mahindra Old Mutual Life Insurance and Edelweiss Tokio Life Insurance among others.

National Westminister Bank, Credit Suisse (Singapore) and DSP Blackrock were others who came in anchor investors.

The company had earlier fixed a price band of Rs 98-100 per unit, looking to raise Rs 2,250 crore through the InvIT, making it the first-ever such issue by an Indian power sector firm.

The bids can be made for a minimum of 10,206 units and in multiples of 5,103 units thereafter, while the minimu bid size for retail investors is Rs 10 lakh.

The units of IndiGrid are proposed to be listed on BSE and National Stock Exchange of India. The managers to the issue are Morgan Stanley India, Citigroup Global Markets India and Edelweiss Financial Services.

iGrid is an InvIT set up to own inter-state power transmission assets in India. Sterlite Power GridVentures (SPGV) and Sterlite Investment Managers are the sponsor and investment manager, respectively of IndiGrid. Axis Trustee Services is the trustee of IndiGrid.

An independent power transmission company, SPGV owns 10 inter-State power transmission projects with a total network of 29 power transmission lines of about 6,767 km and seven sub-stations with 12,630 MVA transformation capacity. Many of these projects have been fully commissioned, while others are at different stages of development.