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Outcome of board meeting of India Grid Trust

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Capital Market

Held on 25 July 2017

The Board of Sterlite Investment Managers acting in the capacity of Investment Manager of India Grid (IndiGrid) at its meeting held on 25 July 2017 has approved the following -

The Board took note of the distribution guidance of Rs 9.2 per unit for FY 2018.

The Board decided to amend the distribution policy and adopt a quarterly distribution instead of semiannual distribution. The Board declared a distribution of Rs 0.92 per unit for the first quarter of financial year 2018.
The record date for this distribution will be 04 August 2017.

The Board took note of 'Invitation of Offer' received from Sterlite Power Grid Ventures offering four assets as per provisions of Deed of Rights of First Offer executed among the sponsor, Sterlite Investment Manager, Sterlite Power Transmission and Axis Trustee Services.

 

In line with the growth strategy of IndiGrid, it expects to provide 3-5% annual growth in DPU through value accretive acquisitions. IndiGrid will appoint independent consultants and advisors for due diligence and valuation of the acquisitions.

The Board agreed to recognise increased tarrif on account of favourable CERC order in one of its projects, namely Jabalpur Transmission Company. Persuant to CERC order dated 08 May 2017, JTCL will receive 9.89% increase in its non-escalable transmission charges, corresponding to approved project cost escalation of Rs 169.9 crore. The Board took note of the letter received from the sponsor requesting allotment of units worth Rs 135.9 crore, which is 80% the approved cost escalation by CERC as per the project and implementation agreement. The Board agreed to evaluate the letter in relation to PIMA and Offer document to being suitable actions in this regard.

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First Published: Jul 26 2017 | 8:50 AM IST

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