Avendus Capital advises IndiGrid on its USD 215 million fundraise through a QIP and preferential issue

Overview

Avendus Capital acted as an advisor to IndiGrid (India Grid Trust), India’s first and largest listed power sector infrastructure investment trust (InvIT), on its USD 215 million capital raise through a two-tranche issuance comprising a Preferential Allotment and a Qualified Institutional Placement (QIP).

Avendus Capital led the issuance as the lead bookrunner in terms of cumulative procurement. The proceeds will support IndiGrid’s next phase of growth, including funding asset acquisitions and strengthening the balance sheet, and will enable continued expansion of critical power transmission infrastructure underpinning India’s energy transition.

Avendus Capital acted as a Book Running Leading Manager and an advisor to IndiGrid on these transactions.

Deal Value

~USD 215 mn

Service

Equity Capital Markets

Sector

Infrastructure & Real Assets

Date

Jan 2026

It was a privilege to partner with IndiGrid on their USD 215 million fundraise. The transaction saw participation from leading global institutional investors, domestic institutions, large UHNIs and family offices, underscoring increasing appetite for scaled, high-quality infrastructure yield platforms in India. We’re witnessing deepened demand for REITs and InvITs, led by domestic mutual funds, insurance companies, UHNIs and pension capital, with sustained interest from FIIs. We congratulate the IndiGrid team and sponsors on this milestone and look forward to continuing our partnership.

Gaurav Sood

Managing Director & Head, Equity Capital Markets, Avendus Capital

IndiGrid’s USD 215 million fundraise is a strong validation of its operating track record and the credibility it has built with global investors over time. The trust has consistently demonstrated its ability to scale responsibly while delivering stable returns, cementing its position as a leading infrastructure investment platform in India. We are delighted to continue our partnership with IndiGrid anchored in key milestones over the past two years. This transaction reinforces Avendus’ deep expertise in the InvITs and REITs ecosystem and our commitment to backing category-defi ning platforms.

Pankaj Naik

Managing Director & Co-head, Digital, Technology & Consumer Investment Banking, Avendus Capital

About IndiGrid

Listed in 2017, IndiGrid is a scaled power transmission platform underpinning India’s energy transition, enabling reliable evacuation of renewable power through critical transmission infrastructure across the country.