Power Grid Corporation of India Limited raises Rs. 2736.02 crore from OFS of InvIT

POWERGRID, under the process of monetization of assets through InvIT, of its 05 SPVs viz. POWERGRID Vizag Transmission Limited (PVTL), POWERGRID Kala Amb Transmission Limited (PKATL), POWERGRID Parli Transmission Ltd (PPTL), POWERGRID Warora Transmission Limited (PWTL) and POWERGRID Jabalpur Transmission Ltd (PJTL) (collectively to be referred as 'Initial SPVs'), has transferred 74% of its Shareholding to Powergrid Infrastructure InvestmentTrust (PGInvIT). In lieu of consideration of Shareholding so transferred, Units were allotted by PGInvIT to POWERGRID. Out of the total 410,650,900 Units allotted to POWERGRID, 136,500,100 Units (15% 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 POWERGRID and remaining Units were sold way of 'Offer for Sale'. POWERGRID received an amount of Rs.2736.02 crore (net of STT) against the OFS. The Units issued by PGInvIT have got listed today with NSE and BSE.

Consequent upon the monetization of assets of 'Initial SPVs' through InvIT, the aforesaid Companies ceased to the Subsidiaries of POWERGRID.

Shares of POWER GRID CORPORATION OF INDIA LTD. was last trading in BSE at Rs.225.8 as compared to the previous close of Rs. 223.45. The total number of shares traded during the day was 1588003 in over 13518 trades.

The stock hit an intraday high of Rs. 235 and intraday low of 223.05. The net turnover during the day was Rs. 365327613.

Source : Equity Bulls

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