Power Grid Corp. of India is planning to launch a $1 billion infrastructure investment trust (InvIT) as an alternative fundraising effort for state-owned companies to manage funding requirements, people with knowledge of the matter told Mint.
Power Grid is planning to file a draft prospectus for the trust by the end of June. This would mark the first initial public offering (IPO) by any state-owned company and the third to launch in the Indian markets.
Investment banks Edelweiss, ICICI Securities and Axis Capital are advising the company on the effort and have chosen nine operational transmission line projects that will be part of the InvIT, sources told Mint.
To read more about the InvIT, click here.
