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UPDATE 1-India Grid Trust IPO fully subscribed on last day of sale

(Updates with offer close, PSP Projects IPO, Changes slug)

MUMBAI, May 19 (Reuters) - India Grid Trust's initial public offering to raise up to 22.5 billion rupees ($347 million) was 1.35 times subscribed on Friday, the last day of the sale, stock exchange data showed.

Investors bid for about 170 million shares, compared with about 126 million shares on offer, according to data from the National Stock Exchange.

India Grid is the second Indian infrastructure investment trust to go public, following on the heels of IRB InvIT Fund's IPO this month that raised 50.3 billion rupees and was subscribed 8.6 times.

IRB InvIT made a tepid trading debut on Thursday, which analysts said could potentially act as a dampener for similar upcoming listings.

Infrastructure investment trusts and real estate investment trusts invest in rent-yielding assets and distribute most of their income to shareholders as dividends.

India Grid Trust, which owns two revenue-generating transmission assets in central India, had raised 10.12 billion rupees from 19 anchor investors at the upper end of the price band from so-called IPO anchor investors.

Morgan Stanley, Citigroup and Edelweiss were the banks arranging the IPO.

Construction company PSP Projects, whose IPO to raise 2.12 billion rupees also closed on Friday, received bids 8.6 times the number of shares on offer. ($1 = 64.8000 Indian rupees) (Reporting by Swati Bhat and Sankalp Phartiyal; Editing by Devidutta Tripathy and Susan Fenton)