Powergrid files for Rs 80 billion InvIT listing

Power Grid Corporation of India Limited (Powergrid) has filed draft papers for an initial public offering (IPO) of its first InvIT for around Rs 80 billion. Powergrid will be the first state-run entity to monetise its assets through this route. The IPO aims to raise up to Rs 49.95 billion by selling units of the InvIT and another Rs 30 billion through the sale of Powergrid’s units in the trust. The InvIT will initially have a portfolio of five projects entailing 11 transmission lines aggregating 3,698 km owned and operated by Powergrid across five states. These were awarded through the tariff-based competitive bidding route. In September 2020, the power ministry had secured cabinet approval for Powergrid to monetise transmission lines via the InvIT. The InvIT IPO is being managed by ICICI Securities, Axis Capital and Edelweiss.

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