Sterlite Power has announced the successful sale of its 14.7% stake in India Grid Trust (IndiGrid) to Institutional and HNI investors. Sterlite Power is the sponsor of IndiGrid, India's first power sector InvIT, which saw its initial offer in 2017. Sterlite Power has now sold 14.7 per cent stake held by it in IndiGrid with the transaction valued at INR 840 crores at a unit price of INR 98.
Commenting on the transaction, Pratik Agarwal, Managing Director, Sterlite Power, said, "Sterlite Power is proud to have played a role in creating India's first power sector InvIT which has grown over the years with participation from marquee investors. 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."
"We firmly believe that 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 further added.
Sterlite Power is the Sponsor of IndiGrid, and continues to remain a shareholder of Sterlite Investment Managers (SIML), the investment manager of IndiGrid.
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