AIMCo, HDFC Life Commit Rs 667 Crore Investment in IndiGrid

India Grid Trust announced on Tuesday that Alberta Investment Management Corporation (AIMCo) and HDFC Life will invest Rs 567 crore and Rs 100 crore, respectively. This development follows the successful conclusion of an offer-for-sale (OFS) process. IndiGrid has launched a preferential issue process to raise Rs 695 crore through primary issuance of units at Rs 136.43 per unit.

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Investment Commitments

IndiGrid has secured investment commitments from AIMCo, one of Canada's largest institutional investment managers, and HDFC Life. AIMCo will invest Rs 567 crore, while HDFC Life will contribute Rs 100 crore. The remaining amount will be covered by other investors. Ambit Capital and SBI Caps are managing the preferential issue process for IndiGrid.

Harsh Shah, Chief Executive Officer of IndiGrid, expressed his satisfaction with the new investments, stating, "We are also delighted to welcome AIMCo and HDFC Life through a preferential issue, in our roster of reputed investors."

Support from AIMCo

Ahmed Mubashir, Managing Director and Head of EMEA and India Infrastructure at AIMCo, commented on the investment: "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 reduced its unitholding in IndiGrid from 21.17 per cent to 3.85 per cent through an OFS process. This move was part of a broader strategy to diversify the investor base and strengthen financial stability.

The preferential issue aims to bolster IndiGrid's financial position and support its growth initiatives. The involvement of prominent investors like AIMCo and HDFC Life underscores confidence in IndiGrid's future prospects.

IndiGrid's strategic initiatives are expected to drive long-term value creation for its stakeholders. The funds raised will be utilised to enhance infrastructure projects and expand operational capabilities.

The recent developments mark a significant milestone for IndiGrid as it continues to attract substantial investments from reputable institutions. The trust remains focused on delivering consistent returns to its investors while pursuing sustainable growth opportunities.

The successful completion of the OFS process by KKR highlights the growing interest in India's infrastructure sector. With continued support from global investors, IndiGrid is well-positioned to capitalise on emerging opportunities in the market.

IndiGrid's commitment to maintaining high standards of governance and transparency has been instrumental in attracting investments from leading institutions. The trust's robust performance track record further reinforces investor confidence.

In summary, the latest investments by AIMCo and HDFC Life signify a strong vote of confidence in IndiGrid's strategic direction. The funds raised through the preferential issue will play a crucial role in driving future growth and enhancing value for all stakeholders involved.