Esoteric, private equity firm KKR’s affiliate, will sell a 17.3% stake in energy InvIT – India Grid Trust (IndiGrid) for $213.6 million, company said on Wednesday. IndiGrid is India’s first listed power sector infrastructure investment trust (InvIT).
The sale involves 135.8 million IndiGrid shares at an offer price of Rs132 each. The offer comprises a base offer of 9.66% stake (75 million shares) with an oversubscription option of 7.66% (60 million shares).
Esoteric, a sponsor of IndiGrid, is also a majority unitholder of IndiGrid Investment Managers, holding a 74% stake.
The share sale is scheduled for August 22 and 23, with Axis Capital, Ambit Capital and SBICAP Securities appointed as selling brokers.
Last week, IndiGrid had tied up with UK’s development financier British International Investment (BII), the Norwegian Climate Investment Fund (managed by Norfund) and Techno Electric and Engineering Company to jointly develop the interstate transmission system projects.
They will invest in three power transmission projects-Ishanagar Power Transmission Ltd (IPTL), Dhule Power Transmission Ltd (DPTL), and Kallam Transco Ltd (KTCO).
The three under-construction projects are expected to support evacuation of up to 6 GW renewable energy in Madhya-Pradesh and Maharashtra.
IndiGrid has assets under management (AUM) of over Rs29255 crore ($3.5 billion).
