All Rights Reserved Finance News 2020.
Sterlite Power offloads 14.7% stake in IndiGrid for Rs 840 crore
NEW DELHI: Sterlite Power on Friday said they have sold 14.7 percent stake held in Indian Grid Trust (IndiGrid) for Rs 840 crore for you to institutional and high net worth person (HNI) investors.
IndiGrid can be India’s first infrastructure expenditure trust in the power field.
Sterlite Power has offered 14.7 per cent stake in IndiGrid with the purchase valued at Rs 840 crore at a unit tariff of Rs 98. The sale from the stake has been made to institutional and HNI investors, the organization said in a statement.
“Sterlite Power is proud to get played a role in building India’s first power field InvIT which has grown in the past with participation from label investors.”
“We will focus on our core organization as the developer of electrical power transmission assets. We continue being committed to executing asset transactions of about Rs 6,500 crore as per the framework contract with IndiGrid,” Sterlite Power Managing Director Pratik Agarwal said.
InvITs will continue a powerful platform to meet the particular large-scale financing requirements from the Infrastructure sector. The global fiscal markets will remain in yield-seeking mode for a considerable period of time, and this will provide enough cash supply to well-managed REITs and InvITs, he additional.
“Sterlite Power is the bring in of IndiGrid, and continue to be remain a shareholder regarding Sterlite Investment Managers (SIML), the investment manager regarding IndiGrid,” the company claimed in a statement.
Sterlite Power is a developer of electrical power transmission infrastructure with jobs of over 13,700 circuit kms (ckms) in addition to 24,800 MVA (Mega Volt Amp) in Indian and Brazil.