IndiGrid raises INR 1,500 crore through institutional placement

India’s first and largest publicly listed power sector Infrastructure Investment Trust (InvIT), IndiGrid, has successfully raised INR 1,500 crore through an institutional placement (IP). The placement was oversubscribed by around two times and saw strong participation from both domestic and global institutional investors.

January 23, 2026 Uma Gupta

IndiGrid's first greenfield project Kallam Transmission Limited

Image: IndiGrid

India’s first and largest publicly listed power sector Infrastructure Investment Trust (InvIT), IndiGrid, has successfully raised INR 1,500 crore through an institutional placement (IP).

The placement, launched on Jan. 19 and completed on Jan. 22, 2026, was oversubscribed by around two times and saw strong participation from both domestic and global institutional investors. According to the company, domestic institutional investors accounted for 78% of the issue, while foreign institutional investors contributed 12%. The investor base included ten insurance companies and six mutual funds.

This fundraise follows IndiGrid’s preferential issue of INR 438 crore completed in Nov. 2025. With the completion of the institutional placement, IndiGrid has raised a total equity capital of INR 1,938 crore in FY2025–26.

The company said its net debt-to-AUM will be around 57% post-issuance, within the regulatory leverage cap of 70%. This provides a growth runway of up to INR 45,000 crore in assets under management.

IndiGrid continues to build a strong and diversified growth pipeline across transmission, renewables and energy storage. As on date, the platform has nine projects under construction across IndiGrid and its sponsored development platform, EnerGrid, with total capital expenditure of INR 7,500 crore. Furthermore, during the year, IndiGrid announced the signing of definitive agreements for the acquisition of Gadag Transmission Ltd (GTL) from ReNew Power, with the transaction expected to be consummated within the current fiscal, as well as for the acquisition of the under-construction NERES XVI Power Transmission Ltd (NPTL) project from Techno Electric, post its commissioning.

Commenting on the placement, Harsh Shah, Managing Director of IndiGrid, said, “This capital raise strengthens our balance sheet and allows us to pursue growth opportunities in a disciplined manner, with every investment decision anchored in long-term value creation and unitholder returns.”

The Board of Directors of IndiGrid Investment Managers Ltd, acting in the capacity of investment manager of IndiGrid, approved the issuance and allotment of 9.20 crore new units at a price of INR 163 per unit through this Institutional Placement on January 22^nd, 2026.

Axis Capital, Ambit, Avendus Capital, NovaaOne Capital, and SBI Capital Markets acted as book running lead managers to the issue. AZB & Partners and Hogan Lovells (Middle East) LLP acted as legal advisors.

IndiGrid currently owns 43 power projects, consisting of 53 transmission lines with more than 9,336 ckm length, 16 substations with 25,050 MVA transformation capacity, 1.1 MWAC (1.5 GWp) of solar generation capacity, and 450 MW/900 MWh of battery energy storage systems. IndiGrid has assets under management (AUM) of over INR 325 billion ($3.6 billion). The investment manager of IndiGrid is wholly owned by KKR.

IndiGrid currently owns 43 power projects, including transmission assets, solar generation capacity of about 1.1 GWAC (1.5 GWp), and battery energy storage systems totaling 450 MW/900 MWh. The platform manages assets worth over INR 325 billion.

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