Powergrid Corp up 4.5%

Powergrid Corp is a newsmaker today, rising quickly almost 4.5% to hit an intraday high at Rs.212.90 on the back of some 2 times surge in volumes. Its 10% UC of the day is at Rs.223.95.

The stock price has gone up on news that it is all set to launch the first ever InvIT (infrastructure investment trust) IPO by a PSU on 29th April.

The size of the IPO is said to be around Rs.7700 crore and the price will be decided on 29th.

The private sector has had two InvIT’s -  IndiGrid InvIT which was from KKR and Sterlite Power Grid Ventures while the second one was IRB Infra InvIT – from IRB and GIC , backed by the infrastructure firm and affiliates of GIC. Both of them were four years ago.

This news from Powergrid is not yet confirmed by the company.