IndiGrid's Unitholders Unanimously Approve Acquisition
Nov 22, 2017, 09:08 ET
MUMBAI, India, Nov. 22, 2017 /CNW/ -
- IndiGrid receives 100% approval for acquisition of assets in EGM
- Annual DPU to increase from INR 11.00/unit to INR 11.44/unit
IndiGrid, India's first Infrastructure Investment Trust (InvIT) in the power sector, held its first Extraordinary General Meeting (EGM) on November 20, 2017 in Mumbai. The unitholders voted for the acquisition of RAPP Transmission Company Limited (RTCL), Purulia and Kharagpur Transmission Company Limited (PKTCL) and Maheshwaram Transmission Limited (MTL) from Sterlite Power Grid Ventures Limited (Sponsor).
The applicable SEBI regulations on InvITs require the resolution to be approved by a majority of unitholders excluding the Sponsor. The resolution for the acquisition was unanimously approved by all the participating unitholders. Commenting on the results of the EGM, Mr. Pratik Agarwal, Chief Executive Officer of IndiGrid, said, "This is an overwhelming response from the unitholders for the first set of acquisitions by IndiGrid. We are humbled with the outcome and will continue to pursue value accretive acquisitions in line with our vision."
IndiGrid is on track to complete these acquisitions by Q4 FY18. This will result in an annual DPU growth of ~4% from INR 11.00/unit to INR 11.44/unit.
IndiGrid [BSE: 540565 | NSE: INDIGRID] is the first Infrastructure Investment Trust ('InvIT') established to own inter-state power transmission assets in India. IndiGrid owns 10 independent revenue-generating elements, including 8 transmission lines of 1,936 ckms and 2 substations of 6,000 MVA capacity. InvITs are investment vehicles that own predominantly operating infrastructure assets in India and are akin to Real Estate Investment Trusts ('ReIT'), Yieldcos and master limited partnerships ('MLP').
For more details, please visit http://www.indigrid.co.in.
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