PGInvIT completes 100% acquisition of POWERGRID Vizag Transmission

1 Apr 2022 , 09:23 AM

POWERGRID Unchahar Transmission Limited, the Investment Manager of POWERGRID Infrastructure Investment Trust (PGInvIT), has completed acquisition of balance 26% equity shareholding of POWERGRID Vizag Transmission Limited (PVTL) and acquisition additional revenues accruing to the three SPVs.

The acquisitions are pursuant to the approval of the Board of Directors of POWERGRID Unchahar Transmission in its meeting held on February 28, 2022 and subsequent approval of the Unitholders of PGInvIT by postal ballot (through remote e-voting) on March 22, 2022.

(i) the acquisition of the balance of 26% equity shareholding of POWERGRID Vizag Transmission Limited (PVTL) from Power Grid Corporation of India Limited on March 31, 2022 at a consideration of Rs330,78,44,638/- after adjustment of dividend up streamed to POWERGRID by PVTL during the intervening period. With this acquisition, PGInvIT now holds 100% equity share capital in PVTL; and

(ii) the acquisition through its Special Purpose Vehicles (SPVs) namely POWERGRID Parli Transmission Limited, POWERGRID Warora Transmission Limited and POWERGRID Jabalpur Transmission Limited, of additional revenues accruing to these SPVs on account of change in law, from POWERGRID on March 31, 2022 at a consideration of Rs81,01,00,000/-, Rs111,84,00,000/- and Rs111,30,00,000/-, respectively (aggregating to Rs304,15,00,000/-).

At around 9.26 am, POWERGRID Infrastructure Investment Trust was trading at Rs134.00 per piece down Rs0.38 or 0.28% on the BSE.