IndiGrid to raise Rs. 1,284 cr via rights issue

New Delhi: Infrastructure investment trust IndiGrid on Wednesday said IndiGrid Investment Managers' board has approved a proposal to raise up to Rs 1,283.65 crore through a rights issue.

"A meeting of the board of directors of IndiGrid Investment Managers Ltd acting in the capacity of investment manager to India Grid Trust (IndiGrid) was held on March 23, 2021, wherein the board inter-alia considered and approved a total number of units and rights issue size of up to 11,66,95,404 units for an amount aggregating to Rs 1,283.65 crore," IndiGrid said in a regulatory filing.

The size of the issue will be subject to the finalisation of allotment in the issue, according to the filing. The rights issue price has been fixed at Rs 110 per unit, while the record date is March 30, 2021, for the purpose of determining the unit holders entitled to receive the rights entitlement.

The issue will open on April 6, 2021, and close on April 13, 2021. The outstanding units as of the date of the letter of offer are 58,34,83,081 units and immediately after the issue would be 7,00,17,84,85 units.

Rights entitlement ratio is 1:5 (1 lot for every 5 lots held by the eligible unitholders of IndiGrid, as on the record date), it added.

The sponsors of IndiGrid have confirmed that they will subscribe to the full extent of their aggregate rights entitlement, as applicable, in accordance with the rights issue guidelines. In addition, sponsor KKR will subscribe to all of the unsubscribed portions in the issue, subject to compliance with the minimum public unitholding requirements and as per the basis of allotment mentioned in Letter of Offer, the filing said. The board also approved the letter of offer to be filed with Securities and Exchange Board of India, BSE Limited and National Stock Exchange of India Limited. Further, IndiGrid is in compliance with the conditions specified in the rights issue guidelines for a 'fast track' issue, as per the filing.