IndiGrid investment manager approves Rs 2,560cr preferential issue

Infrastructure investment trust IndiGrid said Wednesday the board of Sterlite Investment Managers has approved a preferential issue of units of India Grid Trust to raise Rs 2,560 crore.

Sterlite Investment Managers is the investment manager of the India Grid Trust (IndiGrid), an infrastructure investment trust sponsored by Sterlite Power Grid Ventures Ltd.

The board of Sterlite Investment Managers approved a preferential issue of units of IndiGrid to raise up to Rs 2,560 crore in its meeting held on April 30, 2019, IndiGrid said in a BSE filing.

IndiGrid, which comprises power transmission projects, plans to raise Rs 2,064 crore from KKR and GIC out of total primary capital raising of Rs 2,560 crore. The proceeds will be used to acquire transmission assets.

The board also approved a proposal to sign definite agreements by IndiGrid to acquire five transmission assets worth Rs 11,500 crore from Sterlite Power.

The decision of the board to raise fund and acquire assets would expand ...