PGCIL, under the process of monetisation of assets through the InvIT, has transferred 74 per cent of its shareholding to the PGInvIT, it said in a BSE filing.
In lieu of consideration of shareholding so transferred, units were allotted by PGInvIT to PGCIL.
Out of the total 410,650,900 units allotted to PGCIL, 136,500,100 units (15 per cent 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 PGCIL.
The remaining 27,41,50,800 units were sold by way of Offer for Sale (OFS).
PGCIL received an amount of Rs 2736.02 crore (net of STT) against the OFS, it stated.
Earlier this month, the initial public offer of PowerGrid Infrastructure Investment Trust was subscribed 4.83 times. Price range for the offer was at Rs 99-100 per unit.
PGInvIT closed the trade with a premium of 3 per cent on Friday against its issue price of Rs 100.
InvITs are instruments on the pattern of mutual funds and are designed to pool small sums of money from a number of investors to invest in assets that give cash flow over a period of time.
In a separate filing, the company said its wholly-owned subsidiary PowerGrid Ajmer Phagi Transmission Ltd, which had bagged a project to establish transmission system for "Construction of Ajmer (PG)-Phagi 765 kV D/C line along with associated bays for Rajasthan SEZ" on build, own, operate and maintain basis, successfully commissioned the project on May 6, 2021.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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