India Grid Trust announces closing of preference unit issuance worth Rs 2,514 cr

India Grid Trust (IndiGrid), an infrastructure investment trust, on Saturday announced the closing of a preference unit issuance worth Rs 2,514 crore ($363 million). KKR and GIC have invested Rs 1,084 crore ($157 million) and Rs 980 crore ($142 million), respectively, to collectively own 42% of IndiGrid’s outstanding units, a release said. KKR has also applied to become a sponsor of IndiGrid and plans to acquire an additional 15% of IndiGrid’s total units from Sterlite Power.

Following the closing of the transactions, KKR and GIC will collectively own approximately 57% of IndiGrid’s outstanding units. The transactions mark KKR’s first investment through its Asia Pacific Infrastructure strategy. In a separate transaction, KKR will additionally acquire a majority shareholding in Sterlite Investment Manager, the investment manager owned by Sterlite Power. Sterlite Power established IndiGrid in 2016 and will remain a sponsor and project manager of IndiGrid, the statement said.