AIMCo, HDFC Life Invest Rs 667 Cr in IndiGrid

New Delhi, Aug 27 (PTI) India Grid Trust on Tuesday said Alberta Investment Management Corporation and HDFC Life will invest Rs 567 crore and Rs 100 crore, respectively, in it.

According to a statement, India Grid Trust (IndiGrid) announced the launch of its preferential issue process to raise Rs 695 crore following the successful conclusion of the offer-for-sale (OFS).

IndiGrid on Tuesday launched its preferential issue process to raise Rs 695 crore through primary issuance of units for Rs 136.43 /unit, it added.

IndiGrid has received investment commitments from Alberta Investment Management Corporation (AIMCo), one of Canada's largest and most diversified institutional investment managers, and HDFC Life for an investment of Rs 567 crore and Rs 100 crore, respectively, with a balance committed by other investors.

Ambit Capital and SBI Caps are running a preferential issue process on IndiGrid's behalf.

Harsh Shah, Chief Executive Officer IndiGrid, said, "We are also delighted to welcome AIMCo and HDFC Life through a preferential issue, in our roster of reputed investors".

Ahmed Mubashir, Managing Director, Head of EMEA and India, Infrastructure from AIMCo, said, "AIMCo is also impressed by IndiGrid's track record of enabling accretive growth and is excited to be further supporting and enabling that journey with this equity injection".

Last week, KKR successfully concluded an OFS process to bring their unitholding down from 21.17 per cent to 3.85 per cent.