Public Market

IPO

Mahindra Group-OTPP renewable energy InvIT raises Rs.1,365-Cr

Mint  

Mahindra Group promoted renewable energy InvIT, Sustainable Energy Infra Trust (SEIT), has raised primary capital of INR 1,365 crore (USD 165 million) as part of the initial offer of units. The offer was subscribed by global and Indian investors, including Asian Infrastructure Investment Bank (AIIB). Mahindra Susten will receive INR 897.8 crore (USD 108 million) via the offer for sale of units.SEIT holds operational renewable power assets seeded by Mahindra Susten with a generation capacity of approximately 1.54 GWp. The renewable energy assets developed by Mahindra Susten will be offered for sale to SEIT as part of a right of first offer (ROFO) arrangement.Ontario Teachers’ had committed to invest up to INR 3,550 crore (USD 428 million) into Mahindra Susten and SEIT.Kotak Mahindra Capital, Axis Capital and Avendus Capital acted as placement agents for the transaction. Cyril Amarchand Mangaldas acted as legal counsels to SEIT and the sponsors and S&R Associates acted as legal counsels to the placement agents.