Powergrid gets board approval to raise Rs 42.5 billion (India)
Power Grid Corporation of India Limited (Powergrid) has received approval from its committee of directors to raise up to
Rs 42.5 billion through private placement of bonds. The funds will be raised via Powergrid bonds – LXXX (80th issue), which are unsecured, non-convertible, non-cumulative, redeemable and taxable. The issue comprises a base size of Rs 10 billion with a greenshoe option of Rs 32.5 billion. The bonds will have a 10-year tenor with annual interest payments. The interest rate will be determined through bidding on the electronic book provider platform.
Torrent Power raises Rs 35 billion in QIP
Torrent Power Limited has concluded its first-ever qualified institutional placement (QIP), raising Rs 35 billion. The issue was oversubscribed nearly four times, attracting bids totalling approximately Rs 140 billion. This marks the company’s debut equity fundraising and the Torrent Group’s first such initiative in three decades. The offering received an overwhelming response from global and domestic investors, including mutual funds, insurance companies and pension funds. The QIP attracted bids worth approximately Rs 140 billion, four times the issue size.
Kalpataru Projects raises Rs 10 billion in QIP
Kalpataru Projects International Limited has successfully raised Rs 10 billion through a QIP. The funds will be utilised to strengthen the company’s balance sheet, enhance financial flexibility and accelerate growth plans. The capital raise attracted significant interest from domestic mutual funds, foreign investment funds and insurance companies.
Sterlite Power raises Rs 7.25 billion in first fundraising round
Sterlite Power Limited has raised Rs 7.25 billion in its first primary fundraising since becoming an independent entity through its global products and solutions business. This is the first fundraising round since the demerger of Sterlite Power’s operations. The funding round saw participation from GEF Capital Partners and ENAM Holdings. The funds will be utilised to support ongoing capital expenditure, enhance production capacity, accelerate the development of new products and expand the business into international markets.
KKR sells 2.6 per cent stake in IndiGrid for Rs 2.77 billion
Private equity firm Kohlberg Kravis Roberts (KKR) has sold a 2.6 per cent stake in the India Grid Trust for Rs 2.77 billion through an open market transaction. KKR’s affiliate, Esoteric II Pte, sold 20.1 million units of the India Grid Trust at an average price of Rs 138.01 per unit.
Rajesh Power Services raises Rs 1.6 billion through IPO
Rajesh Power Services Limited has raised Rs 1.6 billion through its initial public offering (IPO). The IPO consisted of 47.9 million equity shares with a face value of Rs 10 each, including 27.9 million fresh issue shares and 20 million shares under an offer for sale from existing shareholders. The IPO was subscribed 59 times, with 50 per cent allocated to qualified institutional buyers, 15 per cent to non-institutional investors and 35 per cent to retail individual investors.
Mahindra Susten secures Rs 14.48 billion financing from HDFC Bank and Axis Bank
Martial Solren, a wholly-owned subsidiary of Mahindra Susten Private Limited, has secured a rupee term loan worth Rs 14.48 billion from HDFC Bank and Axis Bank. The funds will be utilised for the development of 560 MWp solar power projects in Gujarat and Rajasthan under long-term power purchase agreements with Gujarat Urja Vikas Nigam Limited and Rajasthan Urja Vikas Nigam Limited.
Continuum Green Energy files DRHP with SEBI for IPO
Continuum Green Energy Limited has filed a draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to raise Rs 36.5 billion through an IPO. The IPO includes a fresh issue of shares worth Rs 12.5 billion and an offer for sale of Rs 24 billion by the promoter, Continuum Green Energy Holdings Limited.
Odisha government sanctions Rs 13.86 billion renewable energy projects
The Odisha government has approved seven renewable energy projects with a combined investment of Rs 13.86 billion, aimed at bolstering the state’s sustainable energy infrastructure. The projects, with a cumulative capacity of 192.41 MW, were sanctioned by the single-window committee of the energy department. Among the approved initiatives are a 99 MW wind power project, five ground-mounted solar projects with a total capacity of 91.77 MW and a rooftop solar project with a capacity of 1.64 MW.
ADB and Gulf finalise $820 million loan for solar and battery storage projects (Thailand)
The Asian Development Bank (ADB) and Gulf Renewable Energy Company Limited have finalised an $820 million loan to provide construction financing for 12 renewable energy projects in Thailand. The portfolio includes eight ground-mounted solar photovoltaic (PV) plants with a contracted capacity of 393 MW and four solar PV plants with battery energy storage systems totalling 256 MW of contracted capacity and 396 MWh of energy storage. ADB will provide $260 million from its capital resources, with the remainder $529 million being sourced from several international financial institutions. The package also includes $31.35 million in concessional financing from the Clean Technology Fund.