Sterlite Power sells 14.7% stake in IndiGrid at Rs 840 Cr

Sterlite Power announced the successful sale of its 14.7% stake in India Grid Trust (IndiGrid) to Institutional and HNI investors. Sterlite Power is the sponsor of IndiGrid, India’s first power sector InvIT, which saw its initial offer in 2017. Sterlite Power has now sold 14.7 per cent stake held by it in IndiGrid with the transaction valued at Rs 840 crores at a unit price of Rs 98.

Pratik Agarwal, Managing Director, Sterlite Power, said, “Sterlite Power is proud to have played a role in creating India’s first power sector InvIT which has grown over the years with participation from marquee investors. We will now focus on our core business as the developer of power transmission assets. Were main committed to executing asset transfers of about Rs 6,500 crores as per the framework agreement with IndiGrid.”