IndiGrid raises long term NCDs from IFC totaling INR 1,140 Cr

IndiGrid [BSE: 540565 | NSE: INDIGRID], India's first listed power sector Infrastructure Investment Trust (InvIT), today announced that International Finance Corporation (IFC) has subscribed to a listed NCD issuance of IndiGrid aggregating to INR 1,140 crores. With a total tenure of 18 years, the NCD were priced at a competitive rate that is fixed for a long tenure. IndiGrid plans to utilize this debt for funding its upcoming refinancing opportunities in FY 24.

Commenting on the agreement, Harsh Shah, Chief Executive Officer of IndiGrid, said," IFC is one of the most reputed multilateral institutions across the world. We are extremely delighted to welcome them as investors to our NCDs. This long-term financing from IFC is in alignment with IndiGrid's strategy aimed at ensuring a robust balance sheet. This partnership also solidifies commitment of IndiGrid to maintain highest standards of governance and sustainability practices."

Commenting on the investment, Isabel Chatterton, IFC's Regional Industry Director for Infrastructure Asia and the Pacific, said, "IFC's investment in IndiGrid underlines our joint commitment to modernize and build a robust and reliable transmission system in India. 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. We aim to improve access to reliable power for millions of people across the country, ensuring sustained energy access for years to come."

Shares of India Grid Trust was last trading in BSE at Rs. 137.45 as compared to the previous close of Rs. 137.49. The total number of shares traded during the day was 14936 in over 90 trades.

The stock hit an intraday high of Rs. 137.50 and intraday low of 137.06. The net turnover during the day was Rs. 2053263.00.

Source : Equity Bulls

Keywords

IndiaGridTrust IndiGrid InvIT FundRaising NCDs IFC