Page 35 - Index

02-40 CORPORATE OVERVIEW
41-59
STATUTORY REPORTS
60-147 FINANCIAL STATEMENTS
PGInvIT – a vehicle set up by Sponsor for monetising its assets
We, as a ready investment vehicle set up by the Sponsor, stand to be benefited as a preferred route of monetisation, considering the expected shorter turnaround time for achieving the targeted monetisation with an existing pool of investors.
Low debt position
The aggregate consolidated borrowings and deferred payments of the Trust and its SPVs, net of cash and cash equivalent is almost zero as on March 31, 2022, which is significantly lower than thresholds of 49% (and 70% subject to conditions) stipulated under InvIT Regulations. This along with our AAA credit rating provides us significant headroom for debt funded acquisitions at low cost.
ATTRACTIVELY POSITIONED TO ACQUIRE NEW ASSETS
Strong investor confidence
Since our IPO, we continue to enjoy confidence of our investors. Most of our
institutional investors are foreign long-only investors, global pension funds, domestic pension funds and insurance companies and have been with us since the IPO. Significant increase in individual investors during the year is testament to their confidence in the PGInvIT story.
OUTLOOK
In FY 2022-23, we intend to acquire POWERGRID’s remaining 26% equity shareholding in PKATL which completes 5 years from COD in July 2022.
During the year, we are looking forward to acquisitions from our Sponsor, who has been assigned a target to monetise about ` 75 billion during FY 2022-23.
We are also scouting for opportunities other than those from our Sponsor, in the power transmission sector.
With large headroom available for debt-funding, we intend to make acquisitions primarily through debt funding.
POWERGRID Infrastructure Investment Trust 33