IndiaGrid shareholders approve takeover of Rs 1,490 cr projs

Infrastructure Investment Trust IndiaGrid said that its shareholders have approved acquisition of RTCL, PKTCL and Maheshwaram Transmission from Sterlite Power Grid Ventures for Rs 1,490 crore.
The decision was taken in the first Extraordinary General Meeting (EGM) on November 20, 2017 in Mumbai, IndiGrid said in a statement.
IndiaGrid claims that it is Indias first Infrastructure Investment Trust (InvIT) in the power sector.
According to the statement the unitholders voted for the acquisition of RAPP Transmission Company Ltd (RTCL), Purulia and Kharagpur Transmission Company Ltd (PKTCL) and Maheshwaram Transmission Ltd (MTL) from Sterlite Power Grid Ventures Ltd.
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, it added.
Commenting on the results of the EGM, Pratik Agarwal, CEO 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 (divident per unit) growth of 4 per cent from Rs 11 per unit to Rs 11.44 per unit, it said.