KKR affiliate to sell 17% stake in India Grid Trust

IndiGrid Infrastructure Trust

21/08/2024 14:07

BENGALURU, Aug 21 (Reuters) - U.S. private equity firm
KKR's  KKR.N  affiliate, Esoteric, will sell a 17.3% stake in
India Grid Trust (IndiGrid)  IGTR.NS  for $213.6 million, the
Indian investment firm said on Wednesday. 
        The sale involves 135.8 million IndiGrid shares at an
offer price of 132 rupees each. The offer comprises a base offer
of 9.66% stake with an oversubscription option of 7.66%.
        Esoteric, a sponsor of IndiGrid, is also a majority
unitholder of IndiGrid Investment Managers, holding 
    a 74% stake
    . The latter is responsible for IndiGrid's operations,
including cash flows, acquisitions, and divestments.
  
        The share sale is scheduled for August 22 and 23, with
Axis Capital, Ambit Capital, and SBICAP Securities appointed as
selling brokers.
  
    The BSE  BSEL.NS  is the designated stock exchange. 
    
    ($1 = 83.8880 Indian rupees)

 (Reporting by Manvi Pant in Bengaluru; Editing by Tasim Zahid)
 ((Manvi.Pant@thomsonreuters.com; +918447554364;))