Basis of Allotment

THIS IS A PUBLIC ANNOUNCEMENT FOR INFORMATION PURPOSES ONLY. THIS IS NOT A PROSPECTUS ANNOUNCEMENT AND DOES NOT CONSTITUTE AN INVITATION OR OFFER TO ACQUIRE. PURCHASE OR SUBSCRIBE FOR SECURITIES. NOT FOR PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY OUTSIDE INDIA

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POWERGRID Infrastructure Investment Trust

(Registered in the Republic of India as an irrevocable trust set up under the Indian Trusts Act, 1882, on September 14, 2020, and as an infrastructure investment trust under the Securities and Exchange Board of India (Infrastructure Investment Trusts) Regulations, 2014. as amended, on January 7, 2021. having registration number IN/InvIT/20-21/0016)

Principal Place of Business: Plot No 2, Sector 29, Gurgaon 122 001 Tel: +91 124 282 3177, Fax: +91 124 282 3180. Compliance Officer: Anjana Luthra.
E-mail: investors@pginvit.in; Website: www.pginvit.in
BASIS OF ALLOTMENT

POWERGRID Infrastructure Investment Trust (the 'Trust') has issued 499,348,300 Units for cash at a price of Rs. 100 per Unit aggregating to Rs. 49,934,83 million (the "Fresh Issue") and the Selling Unit holder has offered 27,41,50,800 Units aggregating to Rs. 27,415.08 million (the "Offer for Sale" and together with the Fresh Issue, the "Offer")

INITIAL PUBLIC OFFER IN RELIANCE UPON REGULATION 14(4) OF THE SECURITIES AND EXCHANGE BOARD OF INDIA (INFRASTRUCTURE INVESTMENT TRUSTS) REGULATIONS, 2014, AS AMENDED (THE TNVIT REGULATIONS")

Offer Price: Rs. 100 per Unit
Bidders (other than Anchor Investors) made Bids for a minimum of 1,100 Units and in multiple of 1,100 Units thereof
Minimum Bid size for Bidder other than Anchor Investors was Rs. 0.1089 Million
Risks to Investors:
1. We may not be able to make distributions to our Unitholders comparable to our Unitholders' estimated or anticipated distributions or the level of distributions may fall.
2. The four Book Running Lead Managers associated with the Offer have handled 36 public issues in the past three financial years including current financial year, out of which 16 issues closed below the issue price on listing date.
3. The net asset value per unit of POWERGRID Infrastructure Investment Trust after the Offer is Rs. 99.11 and the net asset value per unit of India Grid Trust was Rs. 113.46 as on December 31, 2020.

Credit Rating: The Trust has been given a credit rating of Provisional [ICRA] AM (Stable), CARE AM (is); Stable and Provisional CCR AAA/Stable by ICRA Limited, CARE Ratings Limited and CRISIL Ratings Landed, respectively.

BID/OFFER PERIOD:
BID/OFFER OPENED ON: THURSDAY, APRIL 29, 2021*;
BID/OFFER CLOSED ON MONDAY MAY 3, 2021
*Anchor Investor Bidding Date was Wednesday, April 28, 2021.

The Offer was made through the Book Builiding Process and in compliance with the InvIT Regulations and the SEBI Guidelines, wherein not more than 75% of the Offer was available for allocation on a proportionate basis to Institutional Investors. The Investment Manager and the Selling Unitholder in consultation with the Lead Managers, allocated up to 60% of the Institutional Investor Portion to Anchor Investors on a discretionary basis in accordance with the InvIT Regulations and the SEBI Guidelines. Further, not less than 25% of the Offer was available for allocation on a proportionate basis to Non Institutional Investors, in accordance with the InvIT Regulations and the SEBI Guidelines, subject to valid Bids being received at or above the Offer Price. For details, please see the section entitled "Offer Information" on page 252 of the Final Offer Document.

The Offer received 45,322 applications for 2,367,811,600 Units (prior to technical rejections) resulting in 3.0612 times subscription. The details of the applications received in the Offer from various categories are as under (before technical rejections):

Sr. No. Category No. of Applications No. of Units No. of times Subscribed Amount (in Rs.) Units Reserved
A Non Institutional Investors 45,141 91,13,02,700 4.7126 91,10,60,90,400,00 19,33,75,600
B Institutional Investors (Excluding Anchor Investors) 134 1,10,69,11,300 4.7702 1,10,69,11,30,000,00 23,20,49,400
C Anchor Investors 47 34,95,97,600 1.0044 34,95,97,60,000,00 34,80,74,100
Total 45,322 2,36,78,11,600 3.0612 2,36,75,69,80,400,00 77,34,99,100

Final Demand

A summary of the final demand as per the NSE and the BSE as on the Bid/Offer Closing Date at different Bid prices is as under

SI No Bid Price Bids Quantity (%) To Total Cumulative Total % Cumulative Total
1 99 59,86,200 0.29 59,86,200 0.29
2 100 2,05,31,50,000 99.71 2,05,91,36,200 100.00
TOTAL 2,05,91,36,200 100.00

The Baas of Allotment was finalized in consultation with the Designated Stock Exchange, being the NSE on May 10, 2021.

A. Allotment to the Non-Institutional Investors (after technical rejections)

The Basis of Allotment to the Non-Institutional Investors, who have bid at the Offer Price of Rs. 100 per Unit or above, was finalized in consultation with the NSE. The Non-Institutional Portion has been subscribed to the extent of 4.62216 times. The total number of Units Allotted in this category is 193,376,600 Units to 15,428 successful Non-Institutional Investors. The category-wise details of the Basis of Allotment are as under (Sample)

Category No, of Applications Received %of Total Total No, of Units applied %to Total No, of Units allotted per applicant Ratio Total No, of Units allotted
1,100 31,326 73.51 3,44,58,600 3.86 1,100 98.453 74,54,700
4,400 753 1.77 33,13,200 0.37 1,100 84:97 7,17,200
66,000 14 0.03 9,24,000 0.10 14,300 1:1 2,00,200
67,100 2 0.00 1,34,200 0.02 14,300 1:1 28 600
75,900 5 0.01 3,79,500 0.04 16,500 1:1 82,500
90,200 2 0.00 1,80,400 0.02 19,800 1:1 39,600
91,300 1 0.00 91,300 0.01 19,800 1:1 19,800
1,01,200 4 0.01 4,04,800 0.05 22,000 1:1 88,000
1,27,600 1 0.00 1,27,600 0.01 27,500 1:1 27,500
1,33,100 1 0.00 1,33,100 0.01 28,600 1:1 28,600
1,36,400 1 0.00 1,36,400 0.02 29,700 1:1 29,700
1,45,200 1 0.00 1,45,200 0.02 31,900 1:1 31,900
1,46,300 2 0.00 2,92,600 0.03 31,900 1:1 63,800
1,57,300 3 0.01 4,71,900 0.05 34,100 1:1 1,02,300
1,58,400 1 0.00 1,58,400 0.02 34,100 1:1 34,100
1,61,700 1 0.00 1,61,700 0.02 35,200 1:1 35,200
1,67,200 1 0.00 1,67,200 0.02 36,300 1:1 36,300
1,71,600 2 0.00 3,43,200 0.04 37,400 1:1 74,800
1,74,900 1 0.00 1,74,900 0.02 37,400 1:1 37,400
1,78,200 1 0.00 1,78,200 0.02 38,500 1:1 38,500
1,80,400 1 0.00 1,80,400 0.02 38,500 1:1 38,500
1,82,600 1 0.00 1,82,600 0.02 39,600 1:1 39,600
1,87,000 1 0.00 1,87,000 0.02 40,700 1:1 40,700
1,89,200 2 0.00 3,78,400 0.04 40,700 1:1 81,400
1,94,700 1 0.00 1,94,700 0.02 41,800 1:1 41,800
2,03,500 1 0.00 2,03,500 0.02 44,000 1:1 44,000
2,07,900 1 0.00 2,07,900 0.02 45,100 1:1 45,100
2,14,500 1 0.00 2,14,500 0.02 46,200 1:1 46,200
2,24,400 1 0.00 2,24,400 0.03 48,400 1:1 48,400
2,26,600 1 0.00 2,26,600 0.03 49,500 1:1 49,500
2,39,800 2 0.00 4,79,600 0.05 51,700 1:1 1,03,400
2,42,000 1 0.00 2,42,000 0.03 52,800 1:1 52,800
2,67,300 1 0.00 2,67,300 0.03 58,300 1:1 58,300
2,73,900 1 0.00 2,73,900 0.03 59,400 1:1 59,400
TOTAL 42,617 100.00 89,38,12,700 100.00 19,33,75,600

B. Allotment to Institutional Investors (excluding Anchor Investors) (After technical rejections)

The Basis of Allotment to the Institutional Investors, who have bid at the Offer Price of Rs.100 per Unit or above, was finalized in consultation with the NSE. The Institutional Portion has been subscribed to the extent of 4.77015 times. The total number of Units Allotted in this category is 232,049,400 Units to 132 successful Institutional Investors The category-wise details of the Basis of Allotment are as under (Sample)

Category No. of Applications Received %of Total Total No, of Units Applied % to Total No, of Units Allotted for applicants Ratio Total No, of Units Allotted
1,100 1 0.75 1,100 0.00 1,100 0:1 0
2,200 1 0.75 2,200 0.00 1,100 0:1 0
5,500 1 0.75 5,500 0.00 1,100 1:1 1,100
12,100 1 0.75 12,100 0.00 2,200 1:1 2,200
13,200 1 0.75 13,200 0.00 3,300 1:1 3,300
22,000 1 0.75 22,000 0.00 4,400 1:1 4,400
29,700 2 1.49 59,400 0.01 5,500 1:1 11,000
74,800 1 0.75 74,800 0.01 15,400 1:1 15,400
75,900 1 0.75 75,900 0.01 16,500 1:1 16,500
104,500 1 0.75 104,500 0.01 22,000 1:1 22,000
127,600 1 0.75 127,600 0.01 26,400 1:1 26,400
170,500 1 0.75 170,500 0.02 36,300 1:1 36,300
599,500 2 1.49 1,199,000 0.11 125,400 1:1 250,800
613,800 1 0.75 613,800 0.06 128,700 1:1 128,700
624,800 1 0.75 624,800 0.06 130,900 1:1 130,900
650,100 1 0.75 650,100 0.06 136,400 1:1 136,400
654 500 1 0.75 654,500 0.06 137,500 1:1 137,500
699 600 1 0.75 699,600 0.06 146,300 1:1 146,300
750,200 1 0.75 750,200 0.07 157,300 1:1 157,300
1,001,000 1 0.75 1,001,000 0.09 210,100 1:1 210,100
1,100,000 1 0.75 1,100,000 0.10 231,000 1:1 231,000
1,146 200 1 0.75 1,146,200 0.10 239,800 1:1 239,800
1,809,500 1 0.75 1,809,500 0.16 379,500 1:1 379,500
2,999,700 2 1.49 5,999,400 0.54 628,100 1:1 1,256,200
3,025,000 1 0.75 3,025,000 0.27 634,700 1:1 634,700
3 999 600 1 0.75 3999,600 0.36 838,200 1:1 838,200
7,409 600 1 0.75 7,409,600 0.67 1,553,200 1:1 1,553,200
15,228,400 1 0.75 15,228,400 1.38 3192200 1:1 3,192,200
22 348 700 1 0.75 22,348,700 2.02 4684900 1:1 4,684,900
24 966 700 1 0.75 24,966,700 2.26 5233800 1:1 5,233,800
29,999,200 1 0.75 29,999,200 2.71 6288700 1:1 6,288,700
33,000,000 1 0.75 33,000,000 2.98 6917900 1:1 6,917,900
46,500,300 1 0.75 46,500,300 4.20 9748200 1:1 9,748,200
56,499 300 1 0.75 56,499,300 5.10 11844800 1:1 11,844,800
TOTAL 134 100.00 1,106,911,300 100.00 232,049,400

C. Allotment to Anchor Investors (after Technical Rejections)

The category wise details of the Bass of Allotment are as under:

Category FIs/Banks MFs ICs FPIs Others Total
Anchor Investors - 97750,400 56,200,100 159,500,000 34,623,600 348,074,100

The Board of Directors of the Investment Manager at its meeting held on May 11, 2021 and the board of directors of the Selling Unitholders at its meeting held on May 11, 2021, have noted the Basis of Allotment of the Units approved by the Designated Stock Exchange, being NSE and allotted the units to various successful applicants.

The Allotment Advice-cum-Refund Intimation and/or notices have been dispatched on or before May 12, 2021 to the address of the investors as registered with the depositories. Further, the instructions to the Self Certified Syndicate Banks have been dispatched on May 11, 2021. In case the same is not received within ten days, investors may contact the Registrar to the Offer at the address given below. The Refund Orders have been over-printed with the bank account details as registered, if any, with the depositories The Units Allotted to the successful Allottees have been credited on May 11, 2021 to their beneficiary accounts subject to validation of the account details with the depositories concerned. The investment Manager is taking steps for completion of the necessary formalities to get the Units admitted for trading on the BSE and the NSE within twelve (12) Working Days from the Bid/Offer Closing Date. The Units will commence trading upon receipt of final listing and trading approval from the NSE and the BSE.

All capitalized terms used herein and not specifically defined shall have the same meaning as ascribed to them in the final offer document dated May 6, 2021 ("Final Offer Document")

INVESTORS PLEASE NOTE

The details of the Allotment made will be hosted on the website of the Registrar to the Offer, KFin Technologies Private Limited at www.kfintech.com.

All future correspondence in this regard may kindly be addressed to the Registrar to the Offer quoting full name of the first/ sole Bidder. Bid cum Application Form number. Bidder DP ID, Client ID, PAN, date of submission of Bid cum Application Form, address of the Bidder, number of Units applied for, the name and address of the Designated Intermediary where the Bid cum Application Form was submitted by the Bidder and a copy of the Acknowledgment Slip received from the Designated Intermediary at the address given below:

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KFin Technologies Private Limited
(Formerly known as 'Karvy Fintech Private limited")
Selenium Tower B, Plot No. 31 & 32, Financial District, Nanakramguda, Serilmgampally, Hyderabad 500 032 Tel: +91 40 6716 2222. Fax: +91 40 2343 1551. E-mail: powergrid.invit@kfintech.com Investor grievance e-mail: einward.ris@kfintech.com. Website: www.kfintech.com
Contact Person: M Murali Krishna, SEBI Registration No.: INR000000221
On behalf of POWERGRID Infrastructure Investment Trust
Place New Delhi Sd/-
Date May 12, 2021 Compliance Officer

THE LEVEL OF SUBSCRIPTION SHOULD NOT BE TAKEN TO BE INDICATIVE OF EITHER THE MARKET PRICE OF THE UNITS ON LISTING OR THE BUSINESS PROSPECTS OF POWERGRID INFRASTRUCTURE INVESTMENT TRUST.

POWERGRID Infrastructure Investment Trust acting through its Investment Manager made an initial public offer of its units representing an undivided beneficial interest in the Trust ("Units"), and has filed the Final Offer Document with the SEBI and Stock Exchanges. The Final Offer Document is available on the website of SEBI at www.seb,gov.in BSE at www.bseindia.com, NSE at www.nseindia.com and on the websites of the Lead Managers at www.icicisecurities.com, www.axiscapital.co.in, www.edelweissfin.com and https://wwwbusiness.hsbc.co.in/en-gb/in/generic/ipo-open-offer-and-buyback. Investors should note that investment in the Units involves a degree of risk, and for details relating to the same, should refer to the Final Offer Document, including the section "Risk Factors" on page 50 of the Final Offer Document, and the section 'Forward-Looking Statements' on page 16 of the Final Offer Document.

These materials are not for publication or distribution, directly or indirectly, in or into the United States. The Units have not been and will not be registered under the U S. Securities Act of 1933, as amended (the "Securities Act") or any other applicable state securities laws of the United States and. unless so registered, may not be offered or sold within the United States except pursuant to an exemption from, or in a transaction not subject to the registration requirements of the Securities Act and applicable state securities laws. Accordingly, the Units are being offered and sold (a) in the United States only to persons reasonably believed to be "qualified institutional buyers" (as defined in Rule 144A under the Securities Act ("Rule 144A") and referred to in the Final Offer Document as "U.S. QlBs". For the avoidance of doubt the term U. S. QIBs does not refer to a category of institutional investor defined under applicable Indian regulations and referred to in the Final Offer Document as "QIBs") in transactions exempt from the registration requirements of the Securities Act and (b) outside the United States in compliance with Regulation S under the Securities Act ("Regulations") and the applicable laws of the jurisdiction where those offers and sales are made. No public offering of the Units or other securities is being made m the United States.

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