IndiGrid’s unitholders unanimously approve acquisition
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. 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.
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.”