Powergrid InvIT
Mainboard₹7,735 Cr issue
+4.00%
Listing gain over issue price
Issue size
₹7,735 Cr
1 lot at cut-off
₹1,10,000
Lot size
1,100shares
Open
29 Apr 2021
Close
03 May 2021
Allotment
10 May 2021
Listing
14 May 2021
Listing performance
Issue price
₹100
Listed at
₹104
Listing-day close
₹102.99
Latest price
₹102.77
Close on 23 Oct 2026
Listing gain
+4.00%
Return since issue
+2.67%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 29 Apr 2021 – 03 May 2021
- Listing date
- 14 May 2021
- Face value
- ₹100 per share
- Issue price
- ₹100 per share
- Lot size
- 1,100 shares
- Total issue size
- ₹7,735 Cr
- Market cap at offer price
- ₹9,100 Cr
- ISIN
- INE0GGX23010
- Registrar
- Kfin Technologies Ltd.
- Lead managers
- Axis Capital Ltd.
- Registered office
- Plot No. 2,, Sector 29,, Haryana
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 34,80,74,100 | — | — |
| Market maker | 0 | — | — |
Application size
Minimum 1,100 shares per lot, in multiples, at ₹100
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,100 | ₹1,10,000 |
| S-HNI (min) | 2 | 2,200 | ₹2,20,000 |
| S-HNI (max) | 9 | 9,900 | ₹9,90,000 |
| B-HNI (min) | 10 | 11,000 | ₹11,00,000 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Shares allocated
34,80,74,100
Anchor portion
₹3,481 Cr
at ₹100 per share
Valuation and performance
Valuation at offer price
₹100 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| Market cap | — | ₹9,100 Cr |
About Powergrid InvIT
POWERGRID Infrastructure Investment Trust (PgInvIT) is an irrevocable trust registered with SEBI as an infrastructure investment trust on January 7, 2021. The Trust's Initial Portfolio Assets comprise five power transmission projects: POWERGRID Vizag Transmission Limited (PVTL), POWERGRID Kala Amb Transmission Limited (PKATL), POWERGRID Parli Transmission Limited (PPTL), POWERGRID Warora Transmission Limited (PWTL), and POWERGRID Jabalpur Transmission Limited (PJTL). These projects were awarded to the Sponsor under the Tariff Based Competitive Bidding (TBCB) mechanism on a build-own-operate-maintain basis. The Trust earns revenues through availability-based transmission charges under 35-year transmission service agreements with designated inter-state transmission system customers. For the nine months ended December 31, 2020, the Trust generated revenue from operations of ₹9,922.84 million and profit of ₹3,371.42 million.
Company Analysis
from RHPPOWERGRID Infrastructure Investment Trust is an infrastructure investment trust that owns and operates power transmission assets in India through long-term transmission service agreements.
POWERGRID Infrastructure Investment Trust (PgInvIT) is an irrevocable trust registered with SEBI as an infrastructure investment trust on January 7, 2021. The Trust's Initial Portfolio Assets comprise five power transmission projects: POWERGRID Vizag Transmission Limited (PVTL), POWERGRID Kala Amb Transmission Limited (PKATL), POWERGRID Parli Transmission Limited (PPTL), POWERGRID Warora Transmission Limited (PWTL), and POWERGRID Jabalpur Transmission Limited (PJTL). These projects were awarded to the Sponsor under the Tariff Based Competitive Bidding (TBCB) mechanism on a build-own-operate-maintain basis. The Trust earns revenues through availability-based transmission charges under 35-year transmission service agreements with designated inter-state transmission system customers. For the nine months ended December 31, 2020, the Trust generated revenue from operations of ₹9,922.84 million and profit of ₹3,371.42 million.
Power transmissionInfrastructure
Objects of the Issue
- Providing Facilities to Initial Portfolio Assets ₹55,150 million p.24
- General expenses for the operation of the Trust p.24
- Providing loans to the Initial Portfolio Assets for repayment or pre-payment of debt, including any accrued interest, availed by the Initial Portfolio Assets ₹49,934.84 million p.164
- General purposes p.165
- Repayment of borrowings from Sponsor p.200
- Acquisition of 74% equity stake in five transmission project SPVs from POWERGRID p.393
- Document is primarily a valuation report; specific 'Objects of Issue' for capital raise are not explicitly detailed in Part 9
Issue Structure
- Total Issue
- Up to [●] Units aggregating up to ₹ [●] million
- Fresh Issue
- Up to [●] Units aggregating up to ₹49,934.84 million
- Offer for Sale
- Up to [●] Units aggregating up to ₹ [●] million
- Price Band
- ₹ [●] per Unit (Floor Price) to ₹ [●] per Unit (Cap Price)
- Lot Size
- [●] Units and in multiples of [●] Units thereafter
Business Model
The Trust earns revenues from availability-based transmission charges under long-term transmission service agreements (TSAs). The Initial Portfolio Assets receive fixed non-escalable transmission charges (and in one case, variable escalable charges) irrespective of the quantum of power transmitted. The Trust receives transmission charges on the basis of availability, and by maintaining availability above 98%, earns incentive payments. Transmission charges are fixed for 35 years from the respective scheduled commercial operation dates and are collected and disbursed by the Central Transmission Utility pursuant to Central Electricity Regulatory Commission regulations.
Business Segments
Power transmission project
Power transmission project
Power transmission project
Power transmission project
Power transmission project
Owns and operates inter-state transmission systems comprising transmission lines and substations that transport power at high voltage levels from generation sources to load centers across India. Initial Portfolio Assets include eight commissioned projects with 39 transmission lines (6,398 circuit kilometers) and 9,630 MVA power transformation capacity, and additional projects at various stages of development.
Operates two transmission lines (~956.84 ckm): 765 kV D/C Srikakulam to Vemagiri-II (~668 ckm) and 400 kV D/C Khammam to Nagarjuna Sagar (~288.84 ckm) for system strengthening and inter-regional power transfer in southern India.
Operates LILO of 400 kV D/C transmission line at Kala Amb substation (2.47 ckm), a 400/220 kV GIS substation (630 MVA), and 40% series compensation for transmission system strengthening in Northern Region.
Operates three transmission lines (~966.12 ckm): 765 kV D/C Warora to Parli (~693.70 ckm), 765 kV D/C Parli New to Solapur (~235.92 ckm), 400 kV D/C Parli New to Parli PG (~36.50 ckm), and one 765/400 kV substation (3,000 MVA) for evacuation and supply of power from Gadarwara STPS.
Operates four transmission lines (~1,028.11 ckm): 765 kV D/C Gadarwara to Jabalpur (~204.47 ckm including interim arrangement), 765 kV D/C Gadarwara to Warora (~627.35 ckm), LILO of 400 kV D/C Wardha to Parli lines at Warora (~196.29 ckm), and one 765/400 kV substation (3,000 MVA) for transmission system strengthening associated with Gadarwara STPS.
Operates one 765 kV D/C transmission line (~745.05 ckm) from Vindhyachal Pooling Station to Jabalpur Pooling Station (Madhya Pradesh) for transmission system strengthening associated with Vindhyachal-V generation project.
Operates 765kV D/C Srikakulam - Vemagiri and 400 kV Khammam - Nagarjuna Sagar transmission lines
Operates 400/220 kV GIS sub-station at Kala Amb and associated transmission elements including series compensation
Operates 765kV D/C Warora-Parli and Parli-Solapur lines, 400kV D/C Parli lines and 765/400 kV Parli substation
Operates 765 kV D/C Gadarwara-Jabalpur lines and associated 765/400 kV pooling station and substations
Operates 765 kV D/C Vindhyachal Pooling Station – Jabalpur Pooling Station transmission line
Construction, operation and maintenance of 400 KV D/C transmission lines, 765 KV D/C transmission lines, and associated substation and communication infrastructure
Operates two transmission lines of 956.84 circuit kilometres comprising one 765 kV double circuit line of 668 ckm from Srikakulam (Andhra Pradesh) to Vemagiri (Andhra Pradesh) and one 400 kV double circuit line of 288.84 ckm from Khammam (Telangana) to Nagarjuna Sagar (Andhra Pradesh) for power transmission in southern region.
Operates one transmission line of 2.47 ckm comprising LILO (Line In Line Out) of Karcham Wangtoo – Abdullapur transmission line at Kala Amb substation, one 400/220 kV substation of 630 MVA aggregate capacity, and 40% series compensation on 400 kV D/C line in Himachal Pradesh.
Operates three transmission lines of 966.12 ckm comprising one 765 kV double circuit line of 693.70 ckm from Warora to Parli, one 765 kV double circuit line of 235.92 ckm from Parli to Solapur, and one 400 kV double circuit line of 36.50 ckm from Parli (New) to Parli (PG), plus one 765/400 kV substation of 3,000 MVA capacity in Maharashtra.
Operates four transmission lines of 1,028.11 ckm comprising one 765 kV double circuit line of 204.47 ckm from Gadarwara to Jabalpur, one 765 kV double circuit line of 627.35 ckm from Gadarwara to Warora, two 400 kV double circuit lines of 196.29 ckm, plus one 765/400 kV substation of 3,000 MVA capacity in Maharashtra.
Operates one transmission line of 745.01 ckm comprising 765 kV double circuit line from Vindyachal Pooling Station (Madhya Pradesh) to Jabalpur Pooling Station (Madhya Pradesh).
Operates 765 kV D/C Srikakulam PP – Vemagiri-II PS transmission line (703.45 ckm) and 400 kV D/C Khammam – Nagarjuna Sagar transmission line (324.66 ckm) for electricity transmission in Andhra Pradesh
Operates a 400 kV D/C LILO (Line In Line Out) on Karcham Wangtoo – Abdullapur transmission line (59.05 ckm) in Himachal Pradesh
Operates transmission lines totaling 482.093 ckm: 765 kV D/C Parli (New) to Solapur (236.298 ckm), 765 kV D/C Warora to Parli (New) (227.559 ckm), and 400 kV D/C Parli (PG) to Parli (New) (18.236 ckm) in Maharashtra
Operates four transmission lines totaling 1,028.11 ckm: 765 kV D/C lines from Gadarwara to Jabalpur and Gadarwara to Warora, and 400 kV D/C LILO line from Wardha-Parli at Warora, serving the Gadarwara STPS transmission system in Madhya Pradesh and Maharashtra
Operates a single transmission line of 745.01 ckm: 765 kV D/C line from Vindhyachal Pooling Station to Jabalpur Pooling Station in Madhya Pradesh for transmission system strengthening
SWOT Analysis
Strengths
- • Strong lineage and support from Sponsor POWERGRID(p.45)
- • Consistent long-term contracted revenues with 35-year visibility(p.46)
- • High and consistent asset availability generating incentive revenues(p.46)
- • AAA credit ratings from all three rating agencies(p.47)
- • Strong financial position and low debt relative to assets(p.47)
- • Low counterparty risk through diversified billing mechanism(p.46)
- • Strategic and critical asset with low risk of alternate transmission infrastructure(p.47)
- • Skilled investment manager with strong corporate governance(p.48)
- • Sponsor is India's largest transmission utility with 85%+ inter-regional capacity share(p.94)
- • Sponsor is ranked third largest transmission utility globally(p.94)
- • Sponsor ranked Fastest Growing Electric Utility in Asia/Pacific for seven consecutive years(p.94)
- • Strong operational track record with 99.7%+ availability maintained since FY2016(p.94)
- • Sponsor holds Maharatna status with government support(p.94)
- • Investment Manager has over 5 years of transmission infrastructure experience(p.104)
- • Sponsor's dominant market position and Maharatna status provides strategic support(p.141)
- • Sponsor controls >85% of inter-state transmission capacity and >85% of ISTS transmission charges(p.141)
- • 35-year contracted revenue with availability-based payment minimizes price and volume risk(p.140)
- • Consistent >98% availability achievement unlocks incentive payments(p.140)
- • Robust regulatory framework with established payment mechanisms and safeguards(p.140)
- • AAA credit ratings from all three rating agencies demonstrate financial strength(p.139)
- • Strategic transmission assets with high barriers to replication due to terrain and RoW challenges(p.142)
- • Strong operational cash generation capability(p.188)
- • High profit margins with strong pre-tax profitability(p.186)
- • Fully commissioned portfolio assets generating stable revenue(p.185)
- • Revenue concentration from regulated transmission charges(p.185)
- • Depreciation optimization improved profitability(p.185)
- • Exclusive transmission infrastructure with long-term service agreements(p.296)
- • Stable revenue from CERC-regulated transmission tariffs(p.307)
- • Strong parental support from Power Grid Corporation of India Limited(p.296)
- • Significant owned land assets with 72.53 hectares of freehold land(p.310)
- • Consistent revenue generation from transmission services(p.333)
- • Established transmission asset base with operational track record(p.396)
- • Consistently high operational availability exceeding contractual targets(p.426)
- • Sponsor support from Maharatna CPSE with strong credit rating(p.415)
- • Diversified customer base with pan-India revenue aggregation reducing counterparty risk(p.414)
- • Established transmission network with high operational availability(p.448)
- • Long-term contracted revenue secured through Transmission Service Agreements(p.451)
- • 100% ownership by POWERGRID, India's largest transmission utility(p.448)
- • Comprehensive quality assurance with adherence to international standards(p.548)
- • All major permits and clearances obtained(p.548)
- • Adequate O&M organization with effective philosophy(p.548)
- • Exceptional system availability exceeding target(p.563)
- • Type-tested designs compliant with CEA technical standards(p.549)
- • High technical standards compliance with IEC/ISO and CEA regulations(p.11)
- • State-of-the-art protection and control systems based on IEC 61850(p.17)
- • Robust operation and maintenance framework with POWERGRID expertise(p.25)
- • Consistently high system availability exceeding target of 98%(p.34)
- • Comprehensive cyber security measures and hierarchical network separation(p.29)
- • Strong spare parts management with supplier network across India(p.29)
- • High operational availability exceeding target(p.724)
- • Comprehensive quality control and standards compliance(p.716)
- • Long asset life with renovation potential(p.723)
- • Robust safety and operational procedures(p.716)
- • Advanced transmission infrastructure design(p.713)
Weaknesses
- • First InvIT offering with no established market for units(p.1)
- • Newly settled trust with no operating history(p.16)
- • Dependence on Sponsor for O&M services and operations(p.46)
- • Reliance on Sponsor POWERGRID for project management(p.46)
- • Newly established trust with no operating history(p.52)
- • Restricted equity acquisitions due to sponsor lock-in conditions(p.57)
- • Limited recourse against managers for performance failures(p.69)
- • Contingent liabilities from land disputes and tax claims(p.68)
- • Fixed transmission charges cannot offset rising O&M costs(p.53)
- • Dependence on CTU for payment collection from customers(p.53)
- • Dependence on single sponsor (POWERGRID) as both sponsor and project manager(p.101)
- • High concentration of initial portfolio assets with potential revenue dependency on POWERGRID-operated projects(p.94)
- • Sponsor retains 26% equity stake in each Initial Portfolio Asset with governance constraints(p.145)
- • Dependency on Project Manager (Sponsor) for O&M with limited operational flexibility(p.139)
- • Concentration of operations in five Initial Portfolio Assets across limited geographic footprint(p.139)
- • High debt levels relative to assets require immediate pay-down through IPO proceeds(p.142)
- • High financial leverage with debt-to-equity ratio of 3.36x(p.189)
- • Significant finance costs as largest expense item(p.185)
- • High dependence on Sponsor for financing(p.189)
- • Multiple ongoing litigation involving initial portfolio assets and associates(p.215)
- • Exposure to regulatory disputes on tariff determination(p.216)
- • Ongoing litigation related to regulatory tariff determinations and transmission asset commissioning, creating operational and financial uncertainty(p.230)
- • Disputes over IDC and IEDC (Interest During Construction and Equity) disallowances reducing capital recovery(p.233)
- • Significant contingent liabilities from multiple regulatory disputes and bank guarantee invocation matters(p.233)
- • High dependency on regulatory approvals and CERC orders for revenue recognition and tariff determination(p.241)
- • High leverage with debt-to-equity ratio of 3.36x(p.347)
- • Significant borrowing dependent on sponsor financing at cost-plus interest(p.326)
- • Contingent liabilities from disputed entry tax and other regulatory claims(p.346)
- • Outstanding contingent liabilities including arbitration and right-of-way cases(p.346)
- • Concentrated customer base dependent on state utilities(p.348)
- • High leverage with debt-to-equity ratio of 3.36(p.372)
- • Contingent liabilities including disputed tax matters(p.356)
- • Revenue dependency on transmission tariff schedules subject to regulatory discretion(p.426)
- • Arbitration cases and pending litigations affecting asset value(p.356)
- • Significant contingent liabilities from pending arbitration cases(p.463)
- • Dependence on refinancing of existing debt by PGInvIT for continuation(p.444)
- • Ongoing land compensation disputes with multiple claimants(p.463)
- • Project commissioning delayed beyond scheduled COD(p.550)
- • Dependence on Long-Term Transmission Customers (LTTCs) for revenue(p.550)
- • License validity shorter than asset operating life(p.562)
- • Dependence on POWERGRID for operation and maintenance services(p.25)
- • Limited initial license validity of 25 years versus 35-year TSA period(p.12)
- • Dependence on POWERGRID for operations and maintenance(p.717)
- • Reliance on external suppliers for critical spare parts(p.720)
- • Limited exclusive security for transmission assets(p.720)
Opportunities
- • Expansion through acquisition of Sponsor's other TBCB transmission projects(p.49)
- • Government support for renewable energy transmission infrastructure(p.49)
- • Cabinet approval for monetization of other Sponsor TBCB projects through InvIT(p.49)
- • Emerging transmission projects under competitive bidding(p.49)
- • Non-transmission revenue generation from tower leasing and optical fiber(p.49)
- • Growth through acquisitions from Sponsor and third parties(p.61)
- • Non-transmission revenue generation opportunities(p.62)
- • Portfolio expansion under InvIT regulations(p.60)
- • Large capital expenditure planned for transmission sector infrastructure(p.137)
- • Renewable energy integration requiring significant transmission infrastructure expansion(p.136)
- • Rising power demand driven by government initiatives and per capita consumption growth(p.137)
- • Government policy mandating competitive bidding for future transmission projects(p.135)
- • POWERGRID's successful track record in winning TBCB projects(p.136)
- • Government's 175 GW renewable energy target by 2022 creating transmission capacity demand(p.137)
- • Sponsor's pipeline of TBCB projects provides acquisition pathway and monetization route(p.143)
- • 14 inter-state transmission projects worth ₹162bn under bidding provide near-term acquisition targets(p.137)
- • Non-transmission revenue generation from optical ground wire and tower leasing(p.144)
- • Government support for RoW clearance, forest approvals and payment settlement(p.141)
- • India's low per capita electricity consumption presents long-term demand growth potential(p.175)
- • Expansion through acquisition of additional transmission assets(p.190)
- • Growing electricity transmission demand as per National Electricity Plan(p.208)
- • Incentive-based revenue generation mechanism(p.185)
- • Potential for monetization of transmission assets through other businesses(p.206)
- • Growth in system strengthening and network expansion projects(p.208)
- • Expansion of transmission infrastructure portfolio through proposed InvIT(p.277)
- • Tax benefits available to the Trust and unitholders under Section 10(23FC) and 10(23FD)(p.277)
- • Capital investment opportunities in transmission system strengthening(p.346)
- • Growing demand for inter-state transmission capacity(p.298)
- • Long-duration tariff agreements providing revenue stability(p.407)
- • Growing power transmission demand driven by renewable energy expansion(p.411)
- • Monetization of transmission assets through InvIT structure attracting institutional capital(p.397)
- • Capacity additions expected from renewable energy requiring transmission infrastructure(p.411)
- • Potential revenue increase from pending Change in Law claims(p.445)
- • 35-year operational period provides long-term stable cash flows(p.444)
- • Extended operational life of transmission assets(p.564)
- • System strengthening for regional power distribution(p.549)
- • Spare parts availability and procurement support(p.560)
- • Emergency restoration capability through ERS system(p.560)
- • Asset life extension potential beyond initial 35-year tariff period(p.33)
- • License extension provisions enabling continued operation and revenue(p.31)
- • Revenue diversification through shared transmission infrastructure utilization(p.13)
- • License extension beyond initial 25-year period(p.721)
- • Continued operation and asset life extension beyond tariff period(p.723)
- • Additional grid infrastructure applications(p.723)
- • Expansion of communication capabilities via OPGW(p.719)
Threats
- • Risk of inability to operate and maintain prescribed availability levels(p.16)
- • Dependence on transmission customer payments through CTU(p.16)
- • Fixed transmission charges unable to offset cost increases(p.16)
- • Risk of regulatory changes adversely affecting tariff policy(p.17)
- • Risk of failure to obtain or maintain regulatory approvals(p.17)
- • Limitation of power grid and operational risks outside control(p.16)
- • Failure to achieve required transmission availability standards(p.52)
- • Delayed or defaulted customer payments through CTU(p.53)
- • Regulatory changes affecting tariff structure and payment mechanisms(p.54)
- • Local community opposition and litigation over land and environmental issues(p.57)
- • Equipment failure and third-party supplier liability limitations(p.52)
- • Force majeure events disrupting operations and revenue(p.62)
- • Indian economic slowdown and macroeconomic volatility(p.74)
- • Inflation eroding fixed-rate tariff revenues(p.76)
- • Intense competition for power transmission assets(p.57)
- • Changes to tax laws and regulatory environment(p.69)
- • Foreign exchange fluctuations impacting costs(p.75)
- • COVID-19 and other pandemics disrupting operations(p.73)
- • Regulatory changes in transmission tariff structures and CERC regulations(p.136)
- • Dependence on long-term transmission service agreements with defined term and revenue(p.138)
- • Competition from other private transmission developers in TBCB bidding(p.135)
- • Project execution and completion risks in transmission infrastructure development(p.116)
- • Financial stress of Distribution Companies impacts timely payment of transmission charges(p.175)
- • COVID-19 pandemic creating economic headwinds and DISCOM financial pressure(p.175)
- • Intense competitive bidding environment where Sponsor faces competition from other TBCB bidders(p.160)
- • Sponsor's declining market share in TBCB awards could reduce acquisition pipeline(p.160)
- • Limited availability of profitable transmission projects constrains organic growth(p.174)
- • Rising interest rates could increase financing costs and reduce returns to unitholders(p.174)
- • Regulatory tariff determination risks and CERC discretion(p.203)
- • Liquidity and credit risks from customer non-payment(p.191)
- • Interest rate fluctuation exposure on floating rate borrowings(p.191)
- • Transmission licensee non-compliance penalties and license revocation risk(p.204)
- • Risk of COVID-19 impact on trade receivables and unbilled revenue(p.191)
- • Regulatory risk from CERC's strict interpretation of tariff regulations and commissioning timelines(p.230)
- • Systemic litigation risk from power generators and transmission companies challenging tariff sharing methodology(p.239)
- • Exposure to force majeure and change-in-law disputes affecting transmission project commissioning(p.233)
- • Risk of Supreme Court reversals of CERC/APTEL orders on key tariff and availability methodology issues(p.233)
- • Regulatory changes to CERC transmission tariff frameworks(p.307)
- • Customer credit risk from state utility receivables(p.348)
- • Deferred tax asset volatility affecting profitability(p.317)
- • Interest rate risk on sponsor loans(p.335)
- • Operational dependence on sponsor for personnel and maintenance services(p.339)
- • Regulatory changes affecting tariff structure and revenue(p.370)
- • Competition from other transmission operators and infrastructure projects(p.416)
- • Natural disasters and infrastructure vulnerabilities affecting asset availability(p.404)
- • Force majeure and change in law affecting tariff compensation(p.371)
- • Regulatory uncertainty regarding license extension and asset operation post-TSA period(p.462)
- • COVID-19 pandemic creates material valuation uncertainty(p.462)
- • Non-escalable transmission tariff creates exposure to cost inflation(p.451)
- • Vulnerability to penalty for availability falling below 95%(p.451)
- • Environmental cyclones and extreme weather events(p.550)
- • Operating risks from natural hazards and external events(p.560)
- • Transmission license revocation risk(p.561)
- • Cyber security threats to operational assets(p.560)
- • Operating risks from natural events and grid disturbances(p.30)
- • Tower failure risks and potential cascade failures requiring emergency restoration(p.31)
- • Cyber security threats to critical transmission infrastructure(p.30)
- • Regulatory license revocation risk under specific conditions(p.31)
- • Spare parts unavailability risks in emergency restoration scenarios(p.29)
- • Operating risks from natural and environmental hazards(p.720)
- • Tower failure and system restoration dependencies(p.721)
- • Potential license revocation under specified conditions(p.722)
- • Regulatory procedure gaps for post-tariff asset operation(p.724)
- • Cyber security threats to operating assets(p.720)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Power Grid Corporation of India Limited | Sponsor | 100% | 26% (in each Initial Portfolio Asset) |
| Power Grid Corporation of India Limited (POWERGRID) | Sponsor and Project Manager | — | — |
| Power Grid Corporation of India Limited (POWERGRID) | Sponsor | — | ≥15% (locked-in for 3 years post-listing) |
| POWERGRID (Power Grid Corporation of India Limited) | Sponsor/Promoter | — | — |
| Power Grid Corporation of India Limited | Sponsor | 100% | — |
| Power Grid Corporation of India Limited | Sponsor | 100% | — |
| Power Grid Corporation of India Limited (POWERGRID) | Sponsor/Promoter | 100% (in each SPV pre-transfer to InvIT) | — |
| Power Grid Corporation of India Limited (POWERGRID) | Parent Company / 100% Promoter | — | 100% |
| Power Grid Corporation of India Limited (POWERGRID) | Parent Company / 100% Promoter | — | 100% |
| Power Grid Corporation of India Limited (POWERGRID) | Parent Company / 100% Promoter | — | 100% |
Leadership
Anjana Luthra · Compliance Officer
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.
Offer documents
Powergrid InvIT IPO FAQs
What is the lot size of Powergrid InvIT IPO?
The minimum lot size of Powergrid InvIT IPO is 1,100 shares. One lot costs ₹1,10,000 at the cut-off price.
When does Powergrid InvIT IPO open and close?
Powergrid InvIT IPO opened for subscription on 29 Apr 2021 and closed on 03 May 2021.
What is the listing date of Powergrid InvIT IPO?
Powergrid InvIT IPO listed on 14 May 2021.