Sterlite Power, a private sector power transmission project developer, on Friday said that it has sold its 14.7% stake in India Grid Trust (IndiGrid), an infrastructure investment trust (InvIT) to institutional and HNI investors, for ₹840 crore.
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.
Engineering giant Larsen & Toubro Ltd, Morgan Stanley Asia Singapore PTE and Societe Generale were among the buyers, data from stock exchanges shows. L&T bought IndiGrid units worth ₹250 crore.
Sterlite sold the stake at a price of ₹98 per unit. On Friday, IndiGrid closed trading at Rs101 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 INR 6500 crores as per the framework agreement with IndiGrid,” said Pratik Agarwal, managing director, Sterlite Power.
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.