MUMBAI, June 6 India Grid Trust's
shares fell as much as 6.3 percent on their trading debut on
Tuesday, after the fund raised 22.5 billion rupees ($349.73
million) in the country's second-ever initial public offering by
an infrastructure investment fund.
India Grid Trust shares were down 3.9 percent at 96.9 rupees
by 0440 GMT on the National Stock Exchange, having dropped to a
low of 93.70 rupees, compared with their issue price of 100
Infrastructure investment trusts and real estate investment
trusts are entities that invest in rent-yielding assets and
distribute most of their income to shareholders as dividends.
Last month, the first infrastructure investment trust, IRB
InvIT, saw a lacklustre opening and shares continue to
trade below the issue price. Bankers have attributed the
under-performance to the lack of Indian investors' familiarity
with the product.
($1 = 64.3300 Indian rupees)
(Reporting by Swati Bhat; Editing by Rafael Nam)