Sterlite Power on Friday said it has sold 14.7 per cent stake held in India Grid Trust (IndiGrid) for Rs 840 crore to institutional and high net worth individual (HNI) investors.
IndiGrid is India’s first infrastructure investment trust in the power sector.
Sterlite Power has sold 14.7 per cent stake in IndiGrid with the transaction valued at Rs 840 crore at a unit price of Rs 98. The sale of its stake has been made to institutional and HNI investors, the company said in a statement.
“Sterlite Power is proud to have played a role in creating India’s first power sector InvIT which has grown over the years with participation from marquee investors.
“We will now focus on our core business as the developer of power transmission assets. We remain committed to executing asset transfers of about Rs 6,500 crore as per the framework agreement with IndiGrid,” Sterlite Power Managing Director Pratik Agarwal said.
InvITs will remain a powerful platform to meet the large-scale financing requirements of the Infrastructure sector. The global financial markets will remain in yield-seeking mode for a considerable period, and this will provide enough capital supply to well-managed REITs and InvITs, he added.
“Sterlite Power is the sponsor of IndiGrid, and continues to remain a shareholder of Sterlite Investment Managers (SIML), the investment manager of IndiGrid,” the company said in a statement.
Sterlite Power is a developer of power transmission infrastructure with projects of over 13,700 circuit kms (ckms) and 24,800 MVA (Mega Volt-Amp) in India and Brazil.
Source: Business-Standard