India Grid Trust (IndiGrid), an infrastructure investment trust (InvIT) has successfully concluded the offer-for-sale (OFS) run by its sponsor KKR. Subsequently, they have launched their preferential issue process to raise Rs 6.95 billion.
The OFS was oversubscribed by two times in both the retail and non-retail categories. Many large companies like L&T, HSBC Global Asset Management, SBI Life Insurance, Aditya Birla MF, Cholamandalam General Insurance and PNB Metlife have now invested in IndiGrid. With this issue, KKR have reduced their unit holding from 21.17 per cent to 3.85 per cent. However, KKR will still own IndiGrid Investment Managers Limited in its entirety and continue to sponsor IndiGrid.
IndiGrid has priced its issuance units at Rs 136.43 per unit for its preferential price issue process to raise 6.95 billion. The issuance price is in-line with the SEBI regulations for preferential issue by InvITs. On behalf of IndiGrid, this process is being conducted by Ambit Capital and SBI Caps.
IndiGrid has already received investment commitments of Rs 5.67 billion from Alberta Investment Management Corporation and Rs 1 billion from HDFC Life. The balance has been committed by other investors.
In August 2024, IndiGrid announced a collaboration with British International Investment, the Norwegian Climate Investment Fund, and Techno Electric and Engineering Company Limited to develop IndiGrid’s greenfield interstate transmission system projects.
