Mumbai: Despite the economic weakness, India Grid Trust (Indigrid Trust) has received double subscription for the bond sale on the very first day. This is the first issue of this Infrastructure Investment Trust (INVIT). KKR has a major stake in this invite.
Sources told ET that a large Mumbai-based infrastructure company and a private insurance unit had made good vacant bids in it. The interest of investors has shown special interest in interest ranging from 6.75-8.2 per cent, proving the disappointment of the bond market.
Indigrid CEO Harsh Shah said, “The issue has seen interest from many categories, including many insurance companies. The success of this issue will open up the sources of long-term financing in the future. 70 percent interest in this series will be long-term.” Has been in bond. ”
Non-convertible debentures The issue opened on Wednesday. On the very first day it received a bid of Rs 2,400 crore. The company can raise Rs 1,000 crore. This issue will close on 5 May.
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Ajay Manglunia, MD-debt capital market at JM Financial, said, “In a period of low interest rates, the institute is looking for better-paying debt securities. Investors do not want to compromise on the quality of debt. IndiGrid has met both standards.” Descends
Leading agencies like CRISIL and India Ratings have given it a ‘Triple A’ (stable) rating. JM Financial is the manager of the issue. In February this year, insurance regulator IRDA allowed insurance companies to invest in invites.
Retail investors bid up to Rs 300 crore out of Rs 400 crore. An investor can bid up to a maximum of Rs 10 lakh. After this, they will be included in the category of rich investors. Wealthy investors have bid four times as much for a share of Rs 400 crore.
