Infrastructure Capital Is Turning Disciplined
India’s infrastructure financing landscape is shifting from aggressive leverage to calibrated balance-sheet growth. With interest rates stabilising and long-term institutional capital looking for predictable yields, listed infrastructure investment trusts are increasingly relying on phased equity raises to fund expansion without stretching leverage limits.
Fundraise Snapshot
IndiGrid Infrastructure Trust has raised ₹1,500 crore through an Institutional Placement Issue (IPI) that was oversubscribed two times. The issue, launched on January 19, saw participation from 10 insurance companies and six mutual funds, with domestic institutional investors accounting for 78 percent of the allocation and foreign institutional investors contributing 12 percent.
This follows IndiGrid’s ₹438 crore preferential issue in November 2025, taking its total equity raised in FY26 to ₹1,938 crore.
What This Capital Enables
Post issuance, IndiGrid’s net debt-to-AUM stands at 57 percent, giving it headroom to scale up to ₹45,000 crore in Assets Under Management while remaining within the regulatory leverage cap of 70 percent. The latest issue involved the allotment of around 9.20 crore units at ₹163 per unit, approved by the board of IndiGrid Investment Managers Ltd.
The capital strengthens IndiGrid’s balance sheet as it evaluates new transmission, renewable-linked, and infrastructure assets with long-term contracted cash flows.
Why This Matters
IndiGrid’s back-to-back equity raises highlight growing institutional confidence in India’s infrastructure trust model at a time when capital efficiency is under scrutiny. Rather than chasing growth through leverage, the trust is signalling a measured approach anchored in yield stability and long-term unitholder returns. For founders and operators in infrastructure-adjacent sectors, the message is clear: large pools of domestic capital are available, but discipline, predictability, and governance are now non-negotiable.
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