Sterlite Power is the sponsor of IndiGrid, India’s first power sector InvIT, which went public in 2017
Private equity investor KKR and Singapore's state investor GIC are major shareholders in IndiGrid
Power transmission project developer Sterlite Power has sold its 14.7% stake in India Grid Trust (IndiGrid), an infrastructure investment trust (InvIT), to institutional and high net worth individual investors, for ₹840 crore, the company said on Friday. Sterlite Power is the sponsor of IndiGrid, India’s first power sector InvIT, which had gone public in 2017.
The buyers of the stake included engineering giant Larsen & Toubro Ltd, which bought IndiGrid units worth ₹250 crore, Morgan Stanley Asia Singapore PTE, and Societe Generale, data from stock exchanges showed.
Sterlite sold the stake at a ₹98 apiece. On Friday, IndiGrid closed trading at ₹101 per unit, up 0.74% on the BSE.
“We will now focus on our core business as the developer of power transmission assets. We remain committed to executing asset transfers of about ₹6,500 crore as per a framework agreement with IndiGrid," said Pratik Agarwal, MD of Sterlite Power. “InvITs will remain a powerful platform to meet the large-scale financing requirements of the infrastructure sector. The global markets will remain in yield-seeking mode for a considerable period and provide enough capital supply to well-managed REITs and InvITs", he said. PE investor KKR and Singapore’s state investor GIC are major shareholders in IndiGrid. KKR also owns a 60% stake in IndiGrid’s investment manager Sterlite Investment Managers Ltd, with the rest held by Sterlite.