Electricity transmission company Power Grid Corp. of India Ltd plans to file a draft prospectus for a $1 billion infrastructure investment trust. In association with market regulator, SEBI, the company is set to monetize assets and raise around Rs 8,000 crore or more than a billion dollars via the InvIT. If plans fructify, this would be the first initial public offering (IPO) of an InvIT by a state-owned firm.
The 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.
ICICI Securities, Axis Capital, Edelweiss and HSBC Securities are the investment bankers working on this proposed InvIT by Power Grid Corp, which is likely to be launched in March 2021.
The National Highways Authority of India is also preparing to raise funds through this route.