Sterlite Energy sells IndiGrid stake for ₹840 crore; L&T amongst patrons

Home >Change >Energy >Sterlite Energy sells IndiGrid stake for 840 crore; L&T amongst patrons

L&T sold IndiGrid gadgets worth 250 crore

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. As a lot as this point: 14 Aug 2020, 09: 51 PM IST



Swaraj Singh Dhanjal

  • Sterlite Energy is the sponsor of IndiGrid, India’s first energy sector InvIT, which went public in 2017
  • Non-public equity investor KKR and Singapore’s convey investor GIC are important shareholders in IndiGrid

Energy transmission venture developer Sterlite Energy has offered its 14.7% stake in India Grid Belief (IndiGrid), an infrastructure investment belief (InvIT), to institutional and excessive fetch worth particular particular person merchants, for 840 crore, the firm acknowledged on Friday. Sterlite Energy is the sponsor of IndiGrid, India’s first energy sector InvIT, which had long gone public in 2017.

The patrons of the stake integrated engineering large Larsen & Toubro Ltd, which sold IndiGrid gadgets worth 250 crore, Morgan Stanley Asia Singapore PTE, and Societe Generale, recordsdata from stock exchanges confirmed.

Sterlite offered the stake at a 98 apiece. On Friday, IndiGrid closed trading at 101 per unit, up 0.74% on the BSE.

“We are able to now focal point on our core trade because the developer of energy transmission assets. We remain dedicated to executing asset transfers of about 6,500 crore as per a framework settlement with IndiGrid,” acknowledged Pratik Agarwal, MD of Sterlite Energy. “InvITs will remain a extremely efficient platform to meet the mammoth-scale financing necessities of the infrastructure sector. The realm markets will remain in yield-seeking mode for a appreciable length and present ample capital present to effectively-managed REITs and InvITs”, he acknowledged. PE investor KKR and Singapore’s convey investor GIC are important shareholders in IndiGrid. KKR furthermore owns a 60% stake in IndiGrid’s investment supervisor Sterlite Funding Managers Ltd, with the support held by Sterlite.

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