India Grid Trust mulls three-year bonds


SINGAPORE, May 28 (IFR) - India Grid Trust is in talks with bankers to raise up to Rs10bn (US$143m) from three-year bonds, according to a market source.

The infrastructure investment trust was set up in 2016 to build and maintain transmission projects.

On May 2, the trust raised Rs25.6bn through a preferential issue of primary shares at Rs83.89 each. As part of the deal, an affiliate of KKR invested Rs11bn, increasing its stake to 22% and replacing Sterlite Power Grid Ventures as sponsor.

On February 16, India Grid Trust raised Rs4.35bn from 10-year bonds at 8.9922%, payable quarterly.

The issuer is yet to make an official announcement on the planned bond sale.

(Reporting by Krishna Merchant; Editing by Vincent Baby)

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