An infrastructure investment trust (InvIT) backed by India's Mahindra Group and Canada's Ontario Teachers' Pension Plan Board made its trading debut on Monday, with an offer size of 22.63 billion rupees ($273 million), the two entities said.
Sustainable Energy Infra Trust (SEIT) -- formed to own and operate renewable power generation assets in India -- debuted on the country's National Stock Exchange at an issue price of 100 rupees each, exchange data showed.
SEIT raised 13.65 billion rupees in the offer, while Mahindra Susten, the green energy arm of the tractors-to-financing conglomerate Mahindra Group, raised 8.98 billion rupees, according to a statement.
The statement did not mention the stake, if any, Mahindra Susten, Mahindra Group and Ontario Teachers' still hold in SEIT.
Infrastructure investment trusts have gained popularity in recent years amid India ramping up its infrastructure spending ahead of its general elections scheduled to be held this year.
Marquee global and Indian investors, including the Asian Infrastructure Investment Bank, subscribed to the offer, the statement said.
SEIT will have the right of first refusal on the renewable energy assets that Mahindra Susten makes.
Mahindra Group and Ontario Teachers' have committed to invest up to 30.50 billion rupees and 35.50 billion rupees, respectively, into Mahindra Susten and SEIT.
Kotak Mahindra Capital, Axis Capital and Avendus Capital were placement agents for the deal.
