India Grid initiates preferential share issue to raise Rs 6.95 billion
India Grid Trust (IndiGrid) has launched a preferential share issue priced at Rs 136.43 per share, aiming to raise approximately Rs 6.95 billion. This move comes after the completion of an offer-for-sale (OFS) by its sponsor, KKR, which saw strong demand from both existing and new long-term investors. The OFS, designed to reduce KKR’s stake from 21.17% to 3.85%, was nearly two times oversubscribed.
The offering attracted participation from major institutional investors, including L&T, HSBC Global Asset Management, SBI Life Insurance, and Aditya Birla Mutual Fund. Additionally, Alberta Investment Management Corporation (AIMCo) of Canada and HDFC Life have committed investments of Rs 5.67 billion and Rs 1 billion, respectively.