Mumbai: India Grid Trust, an infrastructure investment trust (InvIT) sponsored by Sterlite Power Grid Ventures Ltd, plans to launch its initial public offering (IPO) on 17 May.

InvITs are trusts that manage income-generating infrastructure assets, offering investors regular yields and a liquid way to invest in infrastructure projects.

Sterlite Power Grid filed the draft offer documents for the InvIT in December. The company owns power transmission assets in India.

Sterlite has priced the trust’s units at Rs98-100 per unit for the initial share sale, according to an advertisement published by the company in Business Standard. The offering will close on 19 May.

Sterlite aims to raise Rs2,250 crore through the IPO of the InvIT.

Mint reported on 26 April that Sterlite was looking for a mid-May launch of its InvIT IPO.

Morgan Stanley India Co. Pvt. Ltd, Citigroup Global Markets India Pvt. Ltd and Edelweiss Financial Services Ltd are the lead managers of the India Grid IPO.

According to the company’s website, Sterlite Power Grid has a portfolio of 10 projects, spanning 7,000 circuit kilometres in 15 states, entailing an investment of about $2 billion.

Last week, IRB Infrastructure Developers Ltd’s infrastructure investment trust (IRB InvIT) fund was subscribed 8.57 times on the final day of its IPO.

ALSO READ: IRB InvIT IPO fully subscribed on final day

The successful public offering helped IRB raise around Rs5,033 crore, including primary capital of Rs4,300 crore.

IRB InvIT was the first infrastructure investment trust to raise funds through a public offering.

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