I havent invested in Indigrid Invit but was excited by the yield it offered. And as you say as the price goes down the yield becomes even more attractive.
It is a perpetual (I think 35 year) instrument. Terminal value would be zero. And hence as the years go by the value of the instruments continue to go down.
The money saved in terms of interest payments by issuing the instrument is passed on to Invit holders. I think as of now they pay Rs 12 per unit over an year.
Only problem is that as the company keeps paying out consistent Rs 3 per unit every quarter the price quote also keeps going down. The conundrum for me is how low the price quote on bourses can go. Is there something we dont know about the instrument? for me the kind of price erosion the Invit has seen post listing is surprising.
As of now I feel I dont understand the instrument fully and hence am avoiding. it.