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Notes
to the Consolidated Financial Statements for the year ended 31 March 2022
and undertook to sell the balance 26% equity stake of PPTL 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 Warora Transmission Limited (PWTL): 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 Warora Transmission Limited, Trust acquired 74% equity stake in PWTL.
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 PWTL 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 Jabalpur Transmission Limited (PJTL): 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 Jabalpur Transmission Limited, Trust acquired 74% equity stake in PJTL.
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 PJTL 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 balance 26% equity stake in POWERGRID Vizag Transmission Limited (PVTL): Pursuant to the share purchase agreements 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, the balance 26% equity stake was acquired.
The above acquisition was financed through Rupee Term Loan from HDFC Bank Limited. Interest rate on term loan is 3 months T-Bill rate plus spread of 194 basis points.
No fees or commission were received/to be received by any associate of the related party in relation to the transaction.
39. INVESTMENT MANAGER FEES
Pursuant to the Investment Management Agreement dated 18 December 2020, Investment Manager fees is aggregate of
a. ` 72,500,000 per annum, in relation to the initial SPVs; and
b. 0.10% of the aggregate Gross Block of all Holding Companies and SPVs acquired by the InvIT after the execution of this agreement.
Further, the management fee set out above shall be subject to escalation on an annual basis at the rate of 6.75% of the management fee for the previous year. Any applicable taxes, cess or charges, as the case may be, shall be in addition to the management fee.
During the period, Trust has not acquired any assets other than initial SPVs.
Investment Manager Fees during the year includes ` 24.38 million for the period from 18 December 2020 to 31 March 2021.
40. PROJECT MANAGER FEES
Pursuant to the Project Implementation and Management Agreement dated January 23, 2021, Project Manager is entitled to fees @ 15% of the aggregate annual fees payable under the O&M Agreements. Any applicable taxes, cess or charges, as the case may be, shall be in addition to the fee.
41. SEGMENT REPORTING
The Group’s activities comprise of transmission of electricity in India. Based on the guiding principles given
140 Annual Report 2021-22