Indian private power transmission company Sterlite Power Grid Ventures Pvt. Ltd. has sold its 14.7 percent stake in India Grid Trust (IndiGrid), for INR 840 crore ($110.8 million) to several buyers, including institutional investors and high-net-worth individuals.
Sponsored by Sterlite Power Grid Ventures, IndiGrid was created in 2016 as India's first infrastructure investment trust in the power sector to acquire operating power transmission assets. IndiGrid provides investors with an opportunity to invest directly in operating power transmission assets and allows infrastructure developers to monetize their operating projects.
Sterlite Power sold some 85.51 million IndiGrid units at INR 98 ($1.30) each, according to VCCiRCLE. The buyers — which included Larsen & Toubro; Societe Generale; Morgan Stanley Asia Singapore; and Danske Invest India, a fund managed by Aberdeen Asset Managers — cumulatively purchased INR 405.77 crore ($53.5 million) of shares.
