Power transmission project developer Sterlite Power sold 14.7 per cent stake in an infrastructure investment trust (InvIT) India Grid Trust (IndiGrid) for Rs 840 crore to institutional and high net worth individual (HNI) investors. Sterlite Power sold the stake at Rs 98 apiece.
Pratik Agarwal, MD, Sterlite Power said the company will remain committed to executing asset transfers of Rs 6,500 crore as per the framework agreement with IndiGrid.
"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 a framework agreement with IndiGrid," said Agarwal.
Sterlite Power is the sponsor of IndiGrid, India's first infrastructure InvIT, which went public in 2017. The buyers of the stake include - Larsen & Toubro Ltd, which bought IndiGrid units worth Rs 250 crore, Morgan Stanley Asia Singapore PTE, and Societe Generale, shows data on stock exchanges.
"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 added.
PE investor KKR and Singapore's state investor GIC are major shareholders in IndiGrid. KKR also owns a 60 per cent stake in IndiGrid's investment manager Sterlite Investment Managers Ltd, with the rest held by Sterlite.