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IndiGrid has completed the acquisition of three transmission assets

Assets under management for IndiGrid stands at ~Rs5,300cr.

IndiGrid has completed the acquisition of three transmission assets from its Sponsor – Sterlite Power Grid Ventures Limited. The sum paid for the transmission assets from the Sponsor stand at ~Rs1,410cr. The acquisition will be financed by a Rs1,000cr 10-year loan and a Rs420cr short-term loan, which would be refinanced at a later date.

IndiGrid has also acquired a 46% stake in Patran Transmission Company Limited (PTCL) from Techno Power Grid Company Ltd, Techno Electric & Engineering Company Ltd and its nominee shareholders. The sum paid for the investment in PTCL stands at Rs232cr.

According to management, these acquisitions would increase IndiGrid portfolio IRR to 11%, based on the current price and will enable a Distribution per Unit of ~Rs12 for the next five years.

With the completion of the acquisition of sponsor assets, IndiGrid’s total portfolio increases to 13 transmission lines and 2 substations fully operational across 8 states in India. The assets under management for IndiGrid increased to ~Rs5,300cr.

India Grid Trust is currently trading at Rs91.9, down by Rs0.4 or 0.43% from its previous closing of Rs92.3 on the BSE. The scrip opened at Rs92.3 and touched a high and low of Rs92.3 and Rs91.9 respectively. The current market cap of the company is Rs2483.14 crore. The stock traded below its 100 DMA.