Description

Government of Singapore proposes to sell up to 4.36 crore Units (4.58%) of IndiGrid Infrastructure Trust with oversubscription option for additional 2.65 crore Units (2.78%) through stock exchange mechanism on February 5-6, 2026.

Summary

Government of Singapore (the Seller) has notified BSE and NSE of its intention to conduct an Offer for Sale (OFS) of Units of IndiGrid Infrastructure Trust. The base offer consists of 4,36,31,371 Units (4.58% of Unit capital) with an oversubscription option for additional 2,64,59,185 Units (2.78%), totaling up to 7,00,90,556 Units (7.36% of Unit capital). The OFS will be conducted through the stock exchange mechanism on February 5, 2026 (T Day) for non-retail investors and February 6, 2026 (T+1 Day) for retail investors and non-retail investors with un-allotted bids.

Key Points

  • Seller: Government of Singapore (public unitholder of IndiGrid InvIT)
  • Base Offer Units: 4,36,31,371 Units representing 4.58% of Unit capital
  • Oversubscription Option: 2,64,59,185 Units representing 2.78% of Unit capital
  • Total Potential Offer: 7,00,90,556 Units representing 7.36% of Unit capital
  • Mechanism: Stock exchange OFS platform on BSE and NSE
  • Conducting in accordance with SEBI circular SEBI/HO/MRD-PoD2/CIR/P/2024/00181 dated December 30, 2024
  • BSE notice 20240701-19 dated July 01, 2024 and NSE circular 93/2024 dated July 12, 2024 applicable

Regulatory Changes

No regulatory changes introduced. The OFS is being conducted in accordance with existing SEBI OFS guidelines and Stock Exchange operational guidelines for Offer for Sale segments.

Compliance Requirements

  • Bidders and brokers must read the entire Notice along with OFS Guidelines before participating
  • OFS conducted through separate designated window on BSE and NSE
  • Compliance with SEBI OFS Circular and Stock Exchange Circulars mandatory
  • Notice contains vital details and information required under OFS Guidelines

Important Dates

  • February 04, 2026: Notice date - announcement of intention to undertake OFS
  • February 05, 2026 (T Day): OFS bidding for non-retail investors only
  • February 06, 2026 (T+1 Day): OFS bidding for retail investors and non-retail investors who chose to carry forward un-allotted bids

Impact Assessment

Market Impact: High - The potential sale of up to 7.36% of IndiGrid InvIT’s Unit capital by a major public unitholder (Government of Singapore) represents a significant supply in the market. This could impact Unit pricing and create trading opportunities for both retail and institutional investors.

Liquidity Impact: The OFS will provide substantial liquidity in IndiGrid Units over the two-day bidding period, with separate windows for retail and non-retail investors ensuring market participation across investor categories.

Investor Implications: Retail investors get dedicated access on T+1 Day. Non-retail investors have priority access on T Day with option to carry forward un-allotted bids to T+1 Day. The oversubscription option provides flexibility to increase offer size based on demand.

Operational Impact: Separate designated trading windows on both BSE and NSE will be operational for the OFS, requiring brokers and trading members to facilitate client participation through the OFS mechanism.

Impact Justification

Significant offer for sale representing up to 7.36% of IndiGrid InvIT units by major public unitholder Government of Singapore; substantial trading event affecting unit pricing and liquidity.