Power Grid Raises Rs 2736 Crore Through its PGInvIT

Power Grid has received Rs 2,736.02 crore through the sale of 27.41 crore units in the PGInvIT OFS which was created to monetise its assets.

The Power Grid Corporation of India (PGCIL) has announced that it has received Rs 2,736.02 crore through the sale of 27.41 crore units in the PowerGrid Infrastructure Investment Trust (PGInvIT) offer for sale which was created to monetise its assets.

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The initial portfolio of assets in the InvIT comprises five special purpose vehicles (SPVs) — PowerGrid Vizag Transmission Ltd (PVTL), PowerGrid Kala Amb Transmission Ltd (PKATL), PowerGrid Parli Transmission Ltd (PPTL), PowerGrid Warora Transmission Ltd (PWTL) and PowerGrid Jabalpur Transmission Ltd (PJTL).

PGCIL, under the process of monetisation of assets through the InvIT, has transferred 74 percent of its shareholding to the PGInvIT, it said in a regulatory filing. In lieu of consideration of shareholding so transferred, units were allotted by PGInvIT to PGCIL. Out of the total 410,650,900 units allotted to PGCIL, 136,500,100 units (15 percent of total units of PGInvIT outstanding post issue, to be locked-in from the date of listing of units pursuant to InvIT Regulations) were retained by PGCIL. The remaining 27,41,50,800 units were sold by way of Offer for Sale (OFS).

PGCIL received an amount of Rs 2736.02 crore (net of STT) against the OFS, it stated.

In April, we had reported that the Power Grid Infrastructure Investment Trust (InvIT) had fixed a price band of Rs 99-100 per unit for its Rs 7,735 crore initial share sale, which opened for public subscription on April 29, 2021. The issue will close on May 3, 2021, and the bidding for anchor investors opened on April 28, 2021.

The proceeds from the offer will be utilised for providing loans to the initial portfolio assets for repayment or pre-payment of debt, including any accrued interest, and for general purposes.

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