Infra investment trust IndiGrid plans to raise up to Rs 5,300 cr

Infrastructure investment trust IndiGrid on Tuesday said its board of investment managers has approved a proposal to raise up to Rs 5,300 crore, including through term loans and issuance of debentures.

A meeting of the board of directors of IndiGrid Investment Managers Ltd acting in the capacity of Investment Manager to IndiGrid was held on Tuesday.

At the meeting, the board approved an "enabling resolution to raise funds up to Rs 5,300 crore in one or more tranches to be used for acquisitions, refinancing of existing borrowings and similar other purposes," a regulatory filing said.

The approval is for raising the amount through various sources, including term loans, public and private issuance of non-convertible debentures, subject to receipt of necessary approvals, it added.

It said the draft letter of offer for the proposed rights issue was filed with the stock exchanges on March 15 and the same will remain open for public comments for seven working days.

The board will consider matters related to the rights issue at its meeting on March 23, the filing said.