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KKR, GIC may form consortium to invest Rs 2,500 crore in IndiGrid InvIT

KKR, GIC may form consortium to invest Rs 2,500 crore in IndiGrid InvIT

KKR, GIC may form consortium to invest Rs 2,500 crore in IndiGrid InvIT
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By Nisha Poddar  Apr 30, 2019 2:59:20 PM IST (Published)

Marquee investors KKR and GIC are likely to form a consortium to invest around Rs 2,000 – Rs 2,500 crore in Sterlite Power-sponsored infrastructure trust IndiGrid InvIT, sources with direct knowledge said.

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IndiGrid, one of the only two infrastructure trusts listed in India, needs fresh capital to fuel its growth strategy. It is likely to raise up to Rs 3,000 crore through preferential allotment of shares to institutional investors. The company will utilise the funds to acquire new assets.
IndiGrid owns ten assets including 8 transmission lines and two substations. It had bought Patran Transmission for Rs 232 crore in September last year.
Launch of the book is expected this week, the sources told CNBC-TV18. KKR and GIC are expected to buy units at Rs 83-84/unit and may own 40 per cent stake in IndiGrid post the issue.
KKR, GIC and IndiGrid did not offer any comment to CNBC-TV18’s query.
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