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Power sector InvIT IndiGrid raises Rs.670-Cr via institutional placement

Business Line  

India Grid Trust (IndiGrid), a power sector infrastructure investment trust (InvIT), sponsored by KKR & Sterlite Power (SPTL), has raised INR 670 crore through an institutional placement of shares. This takes its total raise in the current fiscal year to INR 1070 crore. The funds would be used to reduce debt. The trust received demand from 11 existing and new domestic as well as global investors. The majority of investors included insurance companies, mutual funds, pension funds and domestic institutions. In September, the InvIT had raised INR 400 crore through a preferential issue. During the first half of this fiscal, IndiGrid acquired Virescent Renewable Energy Trust at an enterprise valuation of INR 4,000 crore. The acquisition was funded through a combination of internal accruals, debt and capital raise and the ratio of IndiGrid's net debt to assets under management reached 63.5% at the end of the September quarter.