India Grid to raise Rs 2,500 cr via NCD to recast debt, acquisitions
KKR-backed India Grid Trust (IndiGrid) is raising a term loan of Rs 1,500 crore, and debts of Rs 1,000 crore through non-convertible debentures (NCD) to refinance old loans and acquire power transmission assets.
IndiGrid’s debt on February 28, 2021, was Rs 8,690 crore.
One of its units — East North Interconnection Company (ENICL) — has a term loan of Rs 630 crore and another entity — Gurgaon-Palwal Transmission (GPTL) —carries debts of Rs 739 crore.
The proceeds of NCDs and credit will refinance the loans of ENICL and GPTL.
The major shareholders in IndiGrid are KKR & Co. Inc and its affiliates (23 per cent) and Singapore’s GIC and its affiliates (20 per cent). The unitholders of IndiGrid in September 2020 granted approval for designating KKR sponsor.
