Sterlite Power plans Rs. 3,000cr via InvITs

Becoming the first power infrastructure company in the initiative, Sterlite Grid Power Ventures in a latest development, has recently applied to raise funds through Infrastructure Investment Trusts (InvITs). The company, a leading operator of independent power transmission networks, is likely to raise Rs 3,000cr, said sources, adding that easing capital inflow for infrastructure companies, the Securities and Exchange Board of India (Sebi), issued norms for public issue of InvIT units. This allows mutual funds, pension funds, and insurance companies to invest in the public issue of an InvIT, under which the players are allowed to invest in infrastructure projects directly or through a Special Purpose Vehicle. Further, adding that the company would use the fund partly to reinvest in existing projects, pump funds in the upcoming ones and to pare debt.