Sterlite Power lowers InvIT IPO size to Rs 22.5 billion

Sterlite Power Grid Ventures has reduced the initial share sale size of its InvIT to Rs 22.5 billion from the Rs 26.5 billion proposed earlier. In December 2016, Sterlite Power Grid Ventures had filed draft papers with SEBI to raise Rs 26.5 billion through the IPO of its InvIT, namely, the India Grid Trust (IndiGrid). The IPO opened on May 17, 2017 and closed on May 19, 2017, and a price band of Rs 98-Rs 100 per unit had been fixed for the same. Sterlite Power Grid Ventures and Sterlite Infraventures are the sponsor and investment manager of IndiGrid respectively, while Axis Trustee Services is the trustee. The proceeds from the listing of IndiGrid will be used to repay debt and for other general purposes.

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