Page 141 - Index

02-40 CORPORATE OVERVIEW 41-59 STATUTORY REPORTS 60-147 FINANCIAL STATEMENTS Consolidated
Notes
to the Consolidated Financial Statements for the year ended 31 March 2022
DETAILS IN RESPECT OF RELATED PARTY (B) TRANSACTIONS INVOLVING ACQUISITION OF
INVIT ASSETS AS REQUIRED BY PARA 4.4(B)(IV)
OF SECTION A OF ANNEXURE A TO SEBI CIRCULAR DATED 20 OCTOBER 2016 ARE AS FOLLOWS:
(A) Summary of the valuation reports (issued by the independent valuer appointed under the InvIT Regulations):
During the financial year ended 31 March 2022, the Trust has acquired 74% equity share capital of POWERGRID Kala Amb Transmission Limited (‘PKATL’), POWERGRID Parli Transmission Limited (‘PPTL’), POWERGRID Warora Transmission Limited (‘PWTL’) and POWERGRID Jabalpur Transmission Limited (‘PJTL’) and 100% equity share capital of POWERGRID Vizag Transmission Limited (‘PVTL’) from Power Grid Corporation of India Limited.
The Trust has paid the consideration for acquisition of 74% equity share capital of PVTL, PKATL, PPTL, PWTL and PJTL from Power Grid Corporation of India Limited on 13 May 2021 pursuant to separate share purchase agreements. Summary of the valuation report dated 26 February 2021 issued by the independent valuer appointed under the InvIT Regulations, expressing opinion on the fair valuation of the specified SPVs as of 31 December 2020 is as follows:
Material conditions or obligations in relation to the transactions:
Acquisition of POWERGRID Vizag Transmission Limited (PVTL): Pursuant to the share purchase agreement dated 22 April 2021 (“SPA”) (and amendments thereof ) executed among Power Grid Corporation of India Limited, IDBI Trusteeship Services Limited, POWERGRID Unchahar Transmission Limited, and POWERGRID Vizag Transmission Limited, Trust acquired 74% equity stake in PVTL.
Under the Agreement, the Trust agreed and undertook to purchase from POWERGRID and POWERGRID agreed and undertook to sell the balance 26% equity stake of PVTL to the Trust.
No external financing has been obtained for the above acquisition and the transaction was funded by issue of units of the Trust to POWERGRID.
No fees or commission were received/to be received by any associate of the related party in relation to the transaction.
Acquisition of POWERGRID Kala Amb Transmission Limited (PKATL): Pursuant to the share purchase agreement dated 22 April 2021 (“SPA”) executed among Power Grid Corporation of India Limited, IDBI Trusteeship Services Limited, POWERGRID Unchahar Transmission Limited, and POWERGRID Kala Amb Transmission Limited, Trust acquired 74% equity stake in PKATL.
Under the Agreement, the Trust agreed and undertook to purchase from POWERGRID and POWERGRID agreed and undertook to sell the balance 26% equity stake of PKATL to the Trust.
No external financing has been obtained for the above acquisition and the transaction was funded by issue of units of the Trust to POWERGRID.
No fees or commission were received/to be received by any associate of the related party in relation to the transaction.
Acquisition of POWERGRID Parli Transmission Limited (PPTL): Pursuant to the share purchase agreement dated 22 April 2021 (“SPA”) executed among Power Grid Corporation of India Limited, IDBI Trusteeship Services Limited, POWERGRID Unchahar Transmission Limited, and POWERGRID Parli Transmission Limited, Trust acquired 74% equity stake in PPTL.
Under the Agreement, the Trust agreed and undertook to purchase from POWERGRID and POWERGRID agreed
SPV WACC
PVTL 7.80% PKATL 7.60% PPTL 7.70% PWTL 7.70%
Enterprise Value (₹ in million)
23,136.10
4,535.20
25,976.40
29,036.80
21,163.00
Equity Value (₹ in million)
15,313.80
2,679.50
13,138.60
13,679.50
9,582.10
No. of Value per Shares share (₹)
209,730,000 73.0
61,000,000 43.9
322,100,000 40.8
393,300,000 34.8
226,910,000 42.2
PJTL
7.60%
Further, in terms of the share purchase agreement, 26% equity share capital of PVTL was acquired by PGInvIT on 31 March 2022. Summary of the valuation report dated 17 February 2022 issued by the independent valuer appointed under the InvIT Regulations, expressing opinion on the fair valuation of the PVTL as of 31 January 2022 is as follows:
SPV
PVTL
Enterprise
WACC Value (₹ in
million)
Equity Value (₹ in million)
Value No. of per Shares share (₹)
7.90% 21,876.20 14,568.00 209,730,000 69.5
POWERGRID Infrastructure Investment Trust 139