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Company Background

India Grid Trust, an infrastructure investment trust ("InvIT") established to own inter-state power transmission assets in India. IndiGrid was established on October 21, 2016 by its Sponsor, Sterlite Power Grid Ventures Limited, and is registered with SEBI pursuant to the InvIT Regulations. Its Sponsor is one of the leading independent power transmission companies operating in the private sector, with extensive experience in bidding, designing, financing, constructing and maintaining power transmission projects across India.

The Company is focused on providing stable and sustainable distributions to its Unit holders. It believes that it is well positioned to take advantage of the growth potential of India's power transmission industry given its financial position, support from its Sponsor and the robust regulatory framework for power transmission in India.

The Company believes that infrastructure necessary to transmit and deliver electricity is vital to India's continued economic advancement given the inter-regional power deficit resulting from a mismatch between power generation and load centers and the demand-supply deficit which is expected to result from India's projected GDP growth. Private investment in transmission is a key focus area for India's Ministry of Power.

Strength

  • Stable cash flows from assets with minimal counter party risks
  • Strong Financial Position
  • Ownership and location of assets
  • Strong lineage and support from the Sponsor
  • Rights to its Sponsor's pipeline of power transmission projects
  • Strong corporate governance and skilled and experienced Investment Manager

Issue Highlights

Issue opens Wednesday, May 17, 2017
Issue closes Friday, May 19, 2017
Price Band Rs.98/- to Rs.100/-
Min. Lot 10,205 Units and in multiples of 5,103 Units thereafter
Min. App Rs.10,20,500/- at upper band
Face Value NA
Listing NSE / BSE
BRLM Edelweiss/ Citigroup/ Morgan
Registrar Karvy Computershare Private Limited
Issue Size Rs.2250 Crs.
Issue allocation: Institutional Bidders portion: 75%
Non Institutional Bidders portion: 25%

Sponsors, Investment Manager, Project Manager and Trustee

  • Sponsor: Sterlite Power Grid Ventures Limited
  • Investment Manager: Sterlite Investment Managers Limited
  • Project Manager: Sterlite Power Grid Ventures Limited
  • Trustee: Axis Trustee Services Limited
Source: IRB Product note.
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