Power Grid Corporation of India to file draft papers for USD one bn InvIT
PGCIL plans to raise between Rs 6,000 crore and Rs 8,000 crore through InvIT
Electricity transmission company Power Grid Corporation of India (PGCIL) is planning to file a draft prospectus for USD one billion infrastructure investment trust (InvIT) by end of June 2020.
InvIT was proposed by the government as an alternative fundraising route for state-owned companies to manage their funding requirements without having to depend on government support. The National Highways Authority of India (NHAI) is also preparing to raise funds through this route.
PGCIL plans to raise between Rs 6,000 crore and Rs 8,000 crore through InvIT. If it goes through, it will mark the first initial public offering of an InvIT by a state-owned company. The company is being advised by investment banks Edelweiss, ICICI Securities, and Axis Capital. Nine operational transmission line projects will be part of InvIT.