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Infrastructure investment trust PGInvIT will acquire stakes in various assets of Power Grid Corporation of India Ltd (PGCIL) for Rs 644.15 crore, a regulatory filing said.
The Board of Directors of POWERGRID Unchahar Transmission Ltd – the investment manager to PGInvIT, in its meeting, has approved investment of Rs 644.15 crore for acquiring stake in various assets of PGCIL, the filing said.
The board approved acquisition of balance 26 per cent equity shareholding of POWERGRID Vizag Transmission Ltd by PGInvIT from Power Grid Corporation of India Ltd (POWERGRID) at a consideration not exceeding Rs 340 crore, subject to approval of the unitholders of PGInvIT.
It also approved acquisition by the PGInvIT, through its Special Purpose Vehicles (SPVs) namely POWERGRID Parli Transmission Ltd, POWERGRID Warora Transmission Ltd and POWERGRID Jabalpur Transmission Ltd, of additional revenues accruing to these SPVs on account of change in law, at a consideration not exceeding Rs 81.01 crore, Rs 111.84 crore and Rs 111.30 crore respectively from POWERGRID, subject to approval of the unitholders of PGInvIT.
The board has also approved a Postal Ballot Notice for seeking approval of unitholders of PGInvIT on these investment of Rs 644.15 crore.