Add 'drains infiltrator cloaks' and you've got the gist of it. It'll also blow up AT mines. I took at a tank once that way.
I tested it a bit more yesterday. At least for the guy launching the grenade : * You still have the HUD statics effect if you are in the inner radius of the grenade, as well as shield energy fully drained and needing a full recharge time * You don't have any HUD effect if you are outside of the inner radius, but get effected very little : the shield energy is drained, but refills right away in a matter of 3 seconds, I'd say. I've not been able to determine the inner radius size due to unreliable grenade physics. Tested in and out of VR.