Power infrastructure investment company India Grid Trust (IndiGrid) on Thursday said International Finance Corporation (IFC) has subscribed to a listed non-convertible debentures (NCD) issuance of the company aggregating to Rs 1,140 crore.

Share Market Live

NSE

With a total tenure of 18 years, the NCD was priced at a competitive rate that is fixed for a long tenure. IndiGrid plans to utilise this debt for funding its upcoming refinancing opportunities in FY 24.

Harsh Shah, chief executive officer of IndiGrid, said IFC is one of the most reputed multilateral institutions across the world. The company is extremely delighted to welcome them as investors to our NCDs.

Also Read: Zomato breaks silence over Blinkit protests, says ‘no material impact on revenue’

IndiGrid is the first infrastructure investment trust in the Indian power sector. It owns 17 power projects, consisting of 46 transmission lines with more than 8,416 ckms (circuit kilometers) length, 13 substations with 17,550 MVA transformation capacity and 100 MW (AC) of solar generation capacity.

"This long-term financing from IFC is in alignment with IndiGrid’s strategy aimed at ensuring a robust balance sheet. This partnership also solidifies the commitment of IndiGrid to maintain the highest standards of governance and sustainability practices," Shah added.

Isabel Chatterton, IFC's Regional Industry Director for Infrastructure in Asia and the Pacific, said the investment in IndiGrid underlines our joint commitment to modernise and build a robust and reliable transmission system in India.

Also Read: Nokia profit misses forecast company expects a stronger second half

IndiGrid has assets under management (AUM) of over Rs 22,700 crore ($2.7 billion). The investment manager of IndiGrid is wholly owned by KKR.

"Our support will help expand and diversify capital sources for critical power infrastructure, demonstrating the viability of innovative market financing to meet sustainable development goals," Chatterton added.

(Edited by : Pradeep John)