Sterlite Power, a power transmission project developer managed by private sector, on this Friday i.e. 14th of August, said that it has sold its 14.7% stake in IndiGrid (India Grid Trust) , an infrastructure investment trust (InvIT) to institutional and HNI investors, for ₹840 crore.
Sterlite Power is the sponsor of IndiGrid, India’s first power sector InvIT, which held its IPO in 2017.
One of the biggest engineering company Larsen & Toubro Ltd, Morgan Stanley Asia Singapore PTE and Societe Generale were among one of the buyers, data from stock exchanges shows. L&T bought IndiGrid units worth ₹250 crore.
Sterlite sold the stake at a price of ₹98 per unit. On this Friday i.e. 14th August, IndiGrid closed trading at Rs101 per unit, up 0.74% on the BSE.
Pratik Agarwal, managing director, Sterlite Power said, “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.”
