KKR to sell 17% stake in India Grid Trust

U.S. private equity firm KKR's affiliate, Esoteric, will sell a 17.3% stake in India Grid Trust (IndiGrid) 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 is the designated stock exchange.