IndiGrid raises ₹1,100 crore in AAA-rated debt
What's the deal? IndiGrid Infrastructure TrustDealroom has a profile for this one. Try Dealroom → raised ₹1,100 crore (about $115 million) through the allotment of two series of non-convertible debentures on August 20, 2026. The issuance splits into a ₹350 crore Series AI, maturing in 2031, and a ₹750 crore Series AJ, maturing in 2036.
The terms: Both tranches carry a 7.44% coupon, payable quarterly, and hold AAA/Stable ratings from CRISILDealroom has a profile for this one. Try Dealroom → and ICRADealroom has a profile for this one. Try Dealroom →. The debentures are senior, secured, partly paid-up, and were issued on a private placement basis.
The structure: Each security has a face value of ₹1,00,000, with ₹20,000 paid up per unit. That translates to ₹70 crore in immediate capital for Series AI and ₹150 crore for Series AJ, against their combined ₹1,100 crore face value.
What's the endgame? The larger, 10-year Series AJ tranche points to a heavier reliance on long-term secured debt to fund infrastructure projects. That fits the asset-liability matching typical of an infrastructure trust, which pairs long-dated assets with long-dated funding.
The details: The securities are proposed to be listed on the Bombay Stock ExchangeDealroom has a profile for this one. Try Dealroom →. Axis Trustee ServicesDealroom has a profile for this one. Try Dealroom → and IDBI Trusteeship ServicesDealroom has a profile for this one. Try Dealroom → act as trustees, and the allotment was certified by Urmil Shah, company secretary and compliance officer of IndiGrid Investment ManagersDealroom has a profile for this one. Try Dealroom →.
The signal: The flat 7.44% coupon across both a five-year and a 10-year tranche suggests standardised pricing for this issuance window. For an infrastructure trust, tapping the debt market at top ratings is a routine but telling move — it locks in capital while keeping equity dilution off the table.
Read more: ScanX
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