Power sector infrastructure investment trust IndiGrid has raised Rs 670 crore through institutional placement (IP). India’s first publicly listed power sector infrastructure investment trust (InvIT) has successfully raised Rs 670 crore through the institutional placement process prescribed by SEBI, the company said in a statement.
According to the statement, the IP, which launched on December 5, saw strong demand from both existing and new Indian and global institutional investors.
IndiGrid had raised over Rs 400 crore through a preferential issue in September 2023. With the recently completed institutional placement, the company has successfully raised equity funds of Rs 1,070 crore in the current financial year.
Harsh Shah, Chief Executive Officer (CEO), IndiGrid, said in a statement, “This fund raising process has helped us expand our unit holder base, which includes long-term investors from insurance companies, pension funds, mutual funds and domestic institutions. “Over 90 percent of the demand from investors to IndiGrid’s investor base is covered.”
The proceeds from the recently concluded institutional placement and preferential allotment will be used to reduce the debt.
