Sterlite Power lowers InvIT IPO size to Rs 2,250 cr

Sterlite Power Grid Ventures has scaled down the initial share sale size of its infrastructure investment trust (InvIT) to Rs 2,250 crore, from Rs 2,650 crore proposed earlier.

The IPO, which will be second in this segment, will open on May 17 and close on May 19. It commands a price band of Rs 98-100 per unit, according to a public notice.

The bids can be made for a minimum of 10,205 units and in multiples of 5,103 units thereafter, it added.

Prior to this, IRB InvIT Fund had hit the capital market earlier this month.

In December, Sterlite Power Grid Ventures had filed draft papers with market regulator Sebi to raise Rs 2,650 crore through the IPO of its InvIT -- India Grid Trust or IndiGrid.

Sterlite Power Grid Ventures and Sterlite Infraventures are the sponsor and investment manager of IndiGrid, respectively, while Axis Trustee Services is the trustee.

Proceeds from the listing of IndiGrid will be used to repay debt and for other general purposes.

The issue is being managed by Morgan Stanley India Company, Citigroup Global Markets India and Edelweiss Financial Services. The units of IndiGrid are proposed to be listed on the BSE and the NSE.

InvITs or infrastructure investment trusts are those debt instruments which are traded in the market and can act as investment vehicles for sponsors.

The listing of instruments enables promoters of infrastructure to monetise completed assets and raise funds for other long-term projects.

(This article has not been edited by DNA's editorial team and is auto-generated from an agency feed.)