India Grid Trust

India Grid Trust ('the Trust' or 'IndiGrid') is an irrevocable trust settled by Sterlite Power Grid Ventures Limited (the 'Sponsor') on October 21, 2016 pursuant to the Trust Deed under the provisions of the Indian Trusts Act, 1882 and registered with Securities Exchange Board of India ('SEBI') under the SEBI (Infrastructure Investment Trust) Regulations, 2014 as an Infrastructure Investment Trust on November 28, 2016 having registration number IN/InvIT/16-17/0005. The Trustee of IndiGrid is Axis Trustee Services Limited (the 'Trustee'). The Investment manager for IndiGrid is Sterlite Investment Managers Limited (the 'Investment Manager' or the 'Management'). The objectives of IndiGrid are to undertake activities as an infrastructure investment trust in accordance with the provisions of the InvIT Regulations and the Trust Deed. The principal activity of IndiGrid is to own and invest in power transmission assets in India with the objective of producing stable and sustainable distributions to unitholders. India Grid Trust ('IndiGrid') is India's first infrastructure investment trust ('InvIT') in the power sector. It was created to acquire operating power transmission assets and got listed on the Indian stock exchanges on 6 June 2017. SIML through its letter dated October 26, 2017 informed to the stock exchanges that the Board of Directors of Investment Manager has approved issuance 1,35,99,200 units by India Grid Trust to the Project Manager and considered October 26, 2017 as relevant date. Further, the Board of Directors of SIML acting in the capacity of Investment Manager of IndiGrid, considered the certificate issued by Statutory Auditors thereby confirming the issue price of INR 100 per unit calculated as per Regulation 76 of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009 (the 'ICDR Regulations') as on the relevant date viz. October 26, 2017 and has allotted 1,35,99,200 units to the Project Manager in another Board Meeting held after obtaining aforesaid certificate on October 26, 2017. IndiGrid is sponsored by Sterlite Power Grid Ventures Limited ('Sponsor'), one of India's leading private power transmission companies with proven credentials in bidding, designing, financing, constructing and maintaining assets across multiple geographies. The Sponsor has played and continues to play a critical role in nurturing IndiGrid to fulfil its aspiration of becoming the most admired yield vehicle in Asia. As on 31 March 2018,trust's asset count of 13 transmission lines and 2 substations across 8 states of India. The residual contract life across the 5 Project SPVs is over 33 years. IndiGrid is AAA rated and has an AUM of Rs 52 billion. During the year ended March 31, 2018, IndiGrid has acquired the following projects from the Sponsor which are transmission infrastructure projects developed on Build Own Operate and Maintain ('BOOM') basis: 1. Bhopal Dhule Transmission Limited 2. Jabalpur Transmission Company Limited 3. RAPP Transmission Company Limited 4. Purulia & Kharagpur Transmission Company Limited 5. Maheshwaram Transmission Limited. These SPVs have executed Transmission Services Agreements ('TSAs') with Long term transmission customers under which the SPVs have to maintain the transmission infrastructure for 35 years post commissioning. As on 31 March 2019,trust's asset count of 16 transmission lines and 4 substations across 8 states of India. The trust raised Rs 25.1 Billion in May 2019 through Preferential Issue of which KKR & GIC subscribed Rs 20.6 Billion. During the FY2019,the trust signed definitive agreements to acquire Rs 115 Billion worth transmission assets from Sterlite Power. During the year ended March 31, 2020, the Trust raised Rs 25,140.48 million of primary capital through a qualified institutional placement of units. The Trust issued and allotted 299,683,881 units at a price of Rs 83.89 per unit as per the placement agreement dated 04 May 2019. During the year 2019-20, the trust completed three acquisitions with assets worth more than Rs 60 billion. While NRSS XXIX Transmission Ltd (NTL) and Odisha Generation Phase II Transmission Ltd (OGPTL) were acquired in H1 of the financial year. As on 31 March 2020,trust's asset count of 20 transmission lines and 4 substations across 12 states and one union territory. Read More