Powergrid Corporation (PWGR) is commencing its asset monetization drive by Invit mechanism from 29th April to 3rd May. Invit offer size of Rs77.3bn is priced at Rs99100/unit. PWGR acting as a sponsor has transferred 11 operational power transmission line with an AUM of Rs72bn to Powergrid Invit (POVIT). The entire 11 asset has annuity like revenue with transmission line availability of 98%+. POVIT entails annual net distributable cash flow (NDCF) of Rs10-10.6bn to unit holders over FY22-24. This implies an attractive yield of 11-11.5% versus Indigrid (Sterlite Sponsor) trading at 9.5-10%. For growth in NDCF, POVIT aims to a) acquire remaining 26% stake of the SPV from PWGR, and...