MUMBAI May 9 India Grid Trust's
initial public offering of up to 22.5 billion rupees ($348
million) will be open from May 17-19, according to a regulatory
filing, in what would be the country's second listing by a
infrastructure investment trust.
India Grid Trust has set a price range of 98 rupees to 100
rupees per share for the IPO, IFR, a Thomson Reuters
publication, separately reported on Tuesday.
InvITs, or Infrastructure Investment Trusts, are entities
that control revenue-generating infrastructure assets and offer
regular returns to investors.
India Grid Trust, sponsored by power transmission company
Sterlite Power Grid Ventures, owns two revenue-generating
transmission assets in central India, according to its filing.
Morgan Stanley, Citigroup and Edelweiss are managing the
IRB InvIT Fund became the first IPO by an
infrastructure investment trust in India after raising 50.33
billion rupees last week.
($1 = 64.6650 Indian rupees)
(Reporting by Promit Mukherjee and Devidutta Tripathy; Editing
by Sunil Nair)