The Government of Singapore has formally notified stock exchanges of its plan to divest a significant stake in IndiGrid Infrastructure Trust through an offer for sale (OFS) mechanism, marking one of the largest infrastructure trust divestments in recent times.

Offer Structure and Timeline

The OFS is structured as a two-day event scheduled for February 05-06, 2026, with distinct trading windows for different investor categories. The base offer comprises 4,36,31,371 units representing 4.58% of IndiGrid's unit capital, with an oversubscription option for an additional 2,64,59,185 units (2.78% stake).

Investor Categories and Allocation

The OFS follows a structured approach with separate days designated for different investor categories. February 05, 2026 (T Day) is exclusively reserved for non-retail investors, while February 06, 2026 (T+1 Day) accommodates retail investors and non-retail investors carrying forward unallotted bids.

Retail investors are defined as individuals placing bids worth up to ₹2,00,000 aggregated across stock exchanges, with a minimum 10% reservation of offer units. Non-retail investors must deposit 100% of bid value upfront, while institutional investors have the option to bid without upfront payment.

Allocation Methodology and Restrictions

The allocation will follow a price priority basis at multiple clearing prices, with specific restrictions to ensure broad participation:

• No single bidder (except mutual funds and insurance companies) can receive more than 25% of offer units
• Minimum 25% reservation for mutual funds and insurance companies
• Retail investors can bid at cut-off price or specify their price
• Proportionate allocation in case of oversubscription at specific price levels

Broker Appointments and Settlement

Axis Capital Limited and Ambit Capital Private Limited have been appointed as selling brokers, with Axis Capital also serving as the settlement broker. BSE has been designated as the primary stock exchange, while NSE Clearing Limited will handle clearing operations.

Withdrawal and Cancellation Provisions

The seller retains comprehensive rights to withdraw or cancel the offer under specific circumstances. The offer may be withdrawn before opening on T Day, triggering a 10-day cooling-off period. Post-bidding cancellation is permitted if insufficient demand is received from non-retail investors at or above the floor price, or in case of settlement defaults.

Regulatory Compliance and International Restrictions

The OFS operates under SEBI's comprehensive guidelines for stock exchange mechanism offers, with specific provisions for international investors. The offer includes detailed restrictions for US investors, requiring compliance with Securities Act regulations and limiting participation to qualified institutional buyers in the United States.

The transaction represents a significant liquidity event for IndiGrid Infrastructure Trust unitholders, providing an opportunity for both institutional and retail investors to participate in India's infrastructure investment trust sector at a predetermined floor price.

Source:

IndiGrid Infrastructure Trust has submitted its unitholding pattern to BSE and NSE following capital restructuring and preferential issue allotment. The submission was made on January 23, 2026, pursuant to Regulation 23 of the Securities and Exchange Board of India (Infrastructure Investment Trusts) Regulations, 2014.

Regulatory Compliance

The unitholding pattern was submitted by IndiGrid Investment Managers Limited, representing the trust as its investment manager. The submission follows the trust's earlier intimation dated January 22, 2026, regarding allotment of units under preferential issue. KFin Technologies Limited, serving as the registrar and share transfer agent, issued the detailed unitholding pattern.

Current Unitholding Structure

The trust's total outstanding units stand at 95,25,64,719 following the capital restructuring. The ownership structure demonstrates a clear division between sponsor group and public holdings.

Sponsor Group Holdings

The sponsor group holdings comprise both domestic and foreign entities. IndiGrid Investment Managers Limited holds 5,52,825 units representing 0.06% of total outstanding units. The foreign portfolio investor Esoteric II Pte. Ltd. holds 1,00,51,932 units, constituting 1.06% of total units, with 75,71,589 units mandatorily held.

Public Holdings Breakdown

Public holdings are distributed across institutional and non-institutional categories, with institutional investors holding a significant portion.

Institutional Holdings

Non-Institutional Holdings

Non-institutional investors hold 40,68,92,875 units, representing 42.72% of total outstanding units. This category includes:

• Individuals: 25,30,22,399 units (26.56%)
• Bodies Corporate: 13,36,27,266 units (14.03%)
• Non Resident Indians: 1,47,71,953 units (1.55%)
• NBFCs registered with RBI: 35,56,922 units (0.37%)
• Trusts: 19,14,335 units (0.20%)

Compliance and Documentation

The submission fulfills compliance requirements under applicable provisions of the InvIT Regulations and other relevant laws. The trust has copied Axis Trustee Services Limited on the communication, maintaining transparency with all stakeholders. The unitholding pattern reflects the post-issue structure following the recent preferential allotment, providing investors with updated ownership details.