Power Grid Corporation of India Limited (POWERGRID), is an Indian state-owned electric utility company headquartered in Gurugram, India. POWERGRID transmits about 50% of the total power generated in India on its transmission network.
State run Power Grid Corporation of India Ltd. (PGCIL) said it has received Rs.2,736 Cr through sale of 27.41 Cr units in the PowerGrid Infrastructure Investment Trust (PGInvIT) offer for sale.
The units issued by PGInvIT were listed on NSE and BSE. PGCIL has created the InvIT to monetise its assets.
The initial portfolio of assets in the InvIT comprises five special purpose vehicles (SPVs) — PowerGrid Vizag Transmission Ltd (PVTL), PowerGrid Kala Amb Transmission Ltd (PKATL), PowerGrid Parli Transmission Ltd (PPTL), PowerGrid Warora Transmission Ltd (PWTL) and PowerGrid Jabalpur Transmission Ltd (PJTL).
PGCIL, under the process of monetisation of assets through the InvIT, has transferred 74 % 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.