IndiGrid has secured Rs 6.7 billion through a Securities and Exchange Board of India-compliant institutional placement (IP) process.
Initiated on December 5, 2023, the IP process witnessed significant interest from both established and new institutional investors in India and around the world. In September 2023, IndiGrid successfully secured over Rs 4 billion through a preferential issue. With the recently finalised IP, the company has secured approximately Rs 10.7 billion in equity funds during the fiscal year 2023-24. The funds generated from the recently concluded IP and the preferential allotment will be utilised to reduce existing debt. The Board of Directors of IndiGrid Investment Managers Limited, serving as the investment manager of IndiGrid, authorised the issuance and allocation of approximately 52.7 million new units to 11 qualified investors through the IP on December 8, 2023. Over 90 per cent of the additional units were allocated to insurance companies, mutual funds, pension funds, and domestic institutions.