Page 39 - Banking Finance February 2021

ARTICLE

Limited (the "Trustee") and Investment Manager for the
Trust is LTIDPL IndvIT Services Limited ("Investment
Manager").

Y The Trust has been formed to invest in infrastructure
assets primarily being in the road sector in India. All of
the Trust's road projects are implemented and held
through special purpose vehicles ("Project SPVs" /
"Subsidiaries"). The units of the Trust were listed in
Bombay Stock Exchange and National Stock Exchange
on May 09, 2018.

India Infrastructure Trust (Jan 23, 2019)
Y India Infrastructure Trust ("Trust") has been settled on
India. IndiGrid was established on October 21, 2016 by
November 22, 2018 as a contributory irrevocable trust
Sterlite Power Grid Ventures Limited.
under the provisions of the Indian Trusts Act, 1882.The
initial portfolio asset of the Trust is a pipeline system
IndiGrid is India's first power sector Investment Trust, used for the transport of natural gas ("Pipeline"). The
sponsored by Sterlite Power Grid Ventures Limited (SPGVL), Pipeline is a cross-country, natural gas pipeline with a
one of the leading independent power sector developers in pipeline length of approximately 1,480 km
India and Brazil.
Y June 2017 Listed on Stock Exchanges with two Initial Y The Sponsor of the Trust is Rapid Holdings 2 Pte Ltd, a
Portfolio Assets with AUM of ~INR 38 Billion- BDTCL and private company incorporated in Singapore. The
JTCL Sponsor is part of the Brookfield Asset Management Inc.
("BAM") group.
Y February 2018 Completed acquisition of first ROFO
assets with AUM of ~INR 14 Billion - MTL, RTCL and Y Penbrook Capital Advisors Private Limited, Investment
PKTCL Manager of India Infrastructure Trust India
Y August 2018 Completed acquisition of first third party Infrastructure Trust ("Trust") (Acting through Axis
asset with AUM of ~INR 2,250 Million - PTCL Successfully Trustee Services Limited in its capacity as Trustee of the
Trust) & WIP (India) Private Limited (In its capacity as
issued AAA rated Non-Convertible Debentures of ~INR
Investment Manager of the Trust)
2,500 Million - First AAA rated debentures by an InvIT
Y April 2019 Amended InvIT regulations by SEBI increasing Y On March 18, 2019, the Trust acquired 100% of the
maximum leverage limit at InvIT from 49% to 70% issued equity shares of Pipeline Infrastructure Limited
Approved trading lot size reduction from ~INR 0.5 ('PIL') (name changed from Pipeline Infrastructure
Million to ~INR 0.1 Million by SEBI . Private Limited consequent upon conversion from a
private limited company to a public limited company
Y May 2019 Raised INR 25.1 Billion of primary capital
w.e.f April 25, 2019) which owns and operates the
through Preferential Issue allotment to KKR, GIC and
other capital market investors Received unitholder Pipeline
approval for induction of KKR* as an additional sponsor Y As on March 31, 2019, the Trust had 63,700 Non-
in IndiGrid and change in control of IM convertible Debentures ('Trust NCDs') issued to banks
Y June 2019 Completed acquisition of sponsor asset with and non-bank financial institutions, the proceeds of
AUM of ~INR 42 Billion - NTL which were used to partially invest in the above
mentioned PIL NCDs. The Trust NCDs attracted a
IndInfravit Trust (Mar 15, 2018) coupon rate of 9.2786% payable quarterly and had a

Y The Trust is settled by L&T Infrastructure Development maturity of 5 years.
Project Limited ("L&T IDPL" or the "Sponsor"), an Y For the period of March 22, 2019 to March 31, 2019
infrastructure development company in India. the Trust earned INR 310.9 millions in interest income
Y The Trustee to the Trust is IDBI Trusteeship Services from PIL.

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