India Grid Trust announced on Tuesday that Alberta Investment Management Corporation and HDFC Life will invest Rs 567 crore and Rs 100 crore, respectively.
IndiGrid revealed it has initiated a preferential issue process to raise Rs 695 crore following the successful completion of its offer-for-sale, according to the company statement. The new issue will be priced at Rs 136.43 per unit.
AIMCo, one of Canada's largest institutional investment managers, and HDFC Life have committed Rs 567 crore and Rs 100 crore, respectively, with the remaining amount expected from other investors.
Ambit Capital and SBI Caps are running a preferential issue process on IndiGrid's behalf.
Harsh Shah, Chief Executive Officer of IndiGrid, said, 'We are also delighted to welcome AIMCo and HDFC Life through a preferential issue to our roster of reputed investors.'
Ahmed Mubashir, Managing Director, Head of EMEA and India, Infrastructure from AIMCo, said, "AIMCo is also impressed by IndiGrid's track record of enabling accretive growth and is excited to be further supporting and enabling that journey with this equity injection."
Last week, KKR successfully concluded an OFS process to bring their unitholding down from 21.17% to 3.85%.
(With Inputs From PTI)
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