Deal closed | Sterlite Power Grid Ventures Limited | Block Trade

The details of the deal are:

Sector: Infrastructure

Announcement date: 13th August 2020

Name of the client: Sterlite Power Grid Ventures Limited

Deal description: Advised the Sponsor i.e. Sterlite Power Grid Ventures Limited in relation to all aspects of the sale of existing units held by them in India Grid Trust through a block deal on the stock exchange trading platform. Our work included advising the Sponsor on documentation in relation to release of pledged units from the Lenders for the purpose of the sale.

Total consideration: INR 850 crores (USD 114.8 million)

Team members: Gahan Singh (Partner), Abhimanyu Bhattacharya (Partner), Jhinook Roy (Principal Associate), Navodita Gupta (Principal Associate), Bhagirath Ashiya (Associate) and Drishti Barar (Associate)

Role of the firm: Indian legal counsel to Sterlite Power Grid Ventures Limited, the seller of the units

Unique feature of transaction: This is one of the largest block trades which has been undertaken for the sale of units of an Infrastructure Investment Trust in the power sector by the Sponsor of the InvIT. The transaction included negotiation and relevant documentation with existing lenders to release their pledge on the units for purposes of the sale.