128.07 1.56 (1.23%)

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NSEJan 15, 2021 03:31 PM



India Grid Trust    
14 Jan 2021, 09:23PM
128.07
1.23%
India Grid Trust - 540565 - Statement Of Investor Complaints For The Quarter Ended December 2020
BSE India
No.of Investor complaints pending at the beginning of the quarter No.of Investor complaints received during the quarter No.of Investor complaints disposed of during the quarter No.of Investor complaints unresolved at the end of the quarter 082820 Name of the Signatory :- Swapnil PatilDesignation :- Company Secretary and Compliance Officer
India Grid Trust    
13 Jan 2021
128.07
1.23%
India Grid Trust - 540565 - Announcement under Regulation 30 (LODR)-Credit Rating
BSE India
Pursuant to Regulation 23 of SEBI (Infrastructure Investment Trusts) Regulations, 2014 and other applicable laws and regulations, this is to inform you that ICRA Limited ('Credit Rating Agency') has assigned a short-term rating of [ICRA]A1+ to the proposed Commercial Paper (CP) Programme of India Grid Trust.
India Grid Trust    
12 Jan 2021
128.07
1.23%
India Grid Investment Trust: A high-yield play

By Vivek Ananth

In an era of low interest rates investors are yield shopping. Safer investment options like government bonds are at decade lows. And with there being a flood of liquidity through actions of global central banks, a lot of money is looking for a higher return.

This has put the focus on InvITs in India. Many high-net worth investors in India have joined institutional players to look at Infrastructure Investment Trusts, or InvITs, as an investment option.

An InvIT is a trust that houses cash generating assets. In India there are InvITs that house ring-fenced cash generating assets like telecom tower and fibre infrastructure, tolled roads, power transmission lines, among others. These InvITs then distribute the revenues those assets earn to investors.

India Grid Trust (IndiGrid) is one such InvIT that houses power transmission assets. IndiGrid has recently acquired some solar power generating assets as well. It is the only listed InvIT in India which was initially backed by Sterlite Power, but now PE firm KKR is its co-sponsor, and owns 60% of the InvIT’s investment manager IndiGrid Investment Managers. The security currently trades at Rs 126 and will earn investors a dividend yield of 12%

With infrastructure financing in focus, and some InvITs providing a steady stream of income for investors, what is making IndiGrid a favourite of some investors?

Quick Takes

  • IndiGrid focuses on acquiring transmission assets with a central counterparty to avoid payment issues

  • The trust aspires to reach an asset under management (AUM) of Rs 30,000 crore by the end of 2021-22

  • IndiGrid touched a debt-to-AUM ratio of 54% by the end of the quarter ended September 2020, but with the acquisitions of PKTCL and two solar assets from FRV will take the debt to 58% of AUM

  • SEBI has allowed InvITs a regulatory limit of 70% of AUM

Constant payouts in face of the pandemic

Since its listing, IndiGrid has paid out a total dividend of Rs 39.56 per unit to investors over 14 quarters. This averages to around Rs 3 per unit per quarter. The fact that InvITs have to distribute a minimum 90% of its net distributable cash flow makes the dividend payouts more predictable.

Constant dividend payout

IndiGrid even managed to pay its investors the average dividend per quarter under the cloud of the pandemic. In April 2020, the power sector was hit with a crisis of payments. Many state governments had allowed state power distribution companies (discoms) to delay their customers’ bill payments.

There was already a mounting pile of overdue receivables from discoms to power generators. This extended even to transmission companies, and as an extension, to IndiGrid’s transmission assets. The receivable days rose to 101 days in the quarter ended June 2020. At the end of the September 2020 quarter, it improved to 83 days.

IndiGrid’s transmission assets get money from the centrally pooled billings based on availability of its assets, so as long as its assets are available to transport power, IndiGrid’s SPVs can raise invoices. The central pool then allocates the collections made from discoms and power generating companies to the transmission line owner.

This has helped IndiGrid weather some of the pandemic storm that affected the rest of the power sector.

Large asset base with long lifespan

IndiGrid has a total of Rs 13,900 crore assets under management spread across 14 Indian states and one union territory. It has a total of 11 special purpose vehicles under which it houses these assets.

The average residual life of assets are 32 years. This the management claims gives investors a long predictable return period. But some of these contracts give a higher return in the initial period and lower in the later periods. As a result of which, IndiGrid will have to continue acquiring assets that allows it to stabilise its quarterly dividend payout.

When it listed, IndiGrid had only three transmission assets that it had taken over from Sterlite Power. The trust and Sterlite Power have a framework agreement for another Rs 6,500 crore worth of assets. IndiGrid has an aspiration of reaching Rs 30,000 crore AUM by the end of FY 2022. This would mean it will double its current AUM in 15 months.

Acquisitions focussed on central counterparty projects 

After its listing, IndiGrid had a pipeline of projects under a framework agreement with Sterlite Power. As of now, it has acquired Rs 11,500 crore worth of assets under this framework agreement, and around  Rs 6,500 crore worth of asset purchase will be completed by the end of the financial year.

With an aspiration of Rs 30,000 core by the end of the next financial year, some of the expansion in AUM is funded by debt. At present, IndiGrid’s is at 54% of its AUM. SEBI regulations allow for it to borrow up to 70% of AUM.  Only once that regulatory cap is near will the management look at more equity infusion. The company is looking to bring down its average interest cost of 8.5% to further boost its dividend distribution to investors.

After the trust consummates its November 2020 deal to acquire PKTCL transmission assets from Reliance Infrastructure, and the takeover of FRV Solar’s two projects, the debt-to-AUM will rise to 58%. The acquisitions are expected to be completed by the quarter ended March 2020 and add Rs 225 crore to its annual EBITDA in FY20 of Rs 1,150 crore.

IndiGrid focusses on acquiring assets which have a central counterparty so there is no risk of default or large delays in payments. Even its solar assets that it bought were bid out by the Solar Energy Corporation of India which gives it a central counterparty that will ensure pay-out.

There are nearly Rs 40,000 crore worth of assets in the solar energy and power transmission space that will come to the market in the next five years. IndiGrid is looking to bid for some of these assets over the next few years to build up its AUM.

With investors starving for predictable returns on traditional debt assets, IndiGrid is trying to position itself as a stable yield vehicle for investors.

 

India Grid Trust has gained 25.81% in the last 6 Months
India Grid Trust    
09 Jan 2021
128.07
1.23%
India Grid Trust - 540565 - Completion Of Acquisition Of Parbati Koldam Transmission Company Limited
BSE India
With reference to our intimation dated November 28, 2020, and pursuant to Regulation 23(6)(a) of SEBI (Infrastructure Investment Trusts) Regulations, 2014 and other applicable laws and regulations, this is to inform you that the India Grid Trust has completed the acquisition of 74% paid-up capital of Parbati Koldam Transmission Company Limited from Reliance Infrastructure Limited. The disclosure of the investment is provided in the Annexure.
India Grid Trust    
31 Dec 2020
128.07
1.23%
India Grid Trust - 540565 - Closure of Trading Window
BSE India
As per the Code of Internal Procedures and Conduct for Regulating, Monitoring, and Reporting of trading by Designated Person(s) of the India Grid Trust (the Trust), the trading window for dealing in the securities of the Trust will be closed from January 01, 2021, and will open 48 hours after the announcement of financial results for the quarter ended December 31, 2020, made to the public.
India Grid Trust    
28 Dec 2020
128.07
1.23%
India Grid Trust - 540565 - Intimation Of Shifting Of Principal Place Of Business And Registered ...
BSE India
Pursuant to Regulation 23 of SEBI (Infrastructure Investment Trusts) Regulations, 2014 and other applicable laws and regulations, this is to inform you that the principal place of business and registered office of India Grid Trust and Investment Manager of IndiGrid respectively be and is hereby shifted to Unit No. 101, First Floor, Windsor, Village KoleKalyan, off CST Road, Vidyanagari Marg, Kalina, Santacruz (East), Mumbai - 400 098, Maharashtra w.e.f. December 27, 2020
India Grid Trust    
23 Dec 2020
128.07
1.23%
India Grid Trust: Business Update
Conference Call with India Grid Trust Management and Analysts on recent developments and outlook. Listen to the full transcript.
India Grid Trust    
23 Dec 2020
128.07
1.23%
India Grid Trust    
22 Dec 2020
128.07
1.23%
India Grid Trust - 540565 - Intimation Of Merger Of Sterlite Power Grid Ventures Limited With ...
BSE India
Pursuant to Regulation 23 of SEBI (Infrastructure Investment Trusts) Regulations, 2014 and other applicable laws and regulations, this is to update that we have received letter from Sterlite Power Transmission Limited to inform that, Sterlite Power Grid Ventures Limited (SPGVL), Sponsor of India Grid Trust (IndiGrid) is merged with Sterlite Power Transmission Limited (SPTL), holding company of SPGVL vide order issued by National Company Law Tribunal (NCLT). The effective date of merger is November 15, 2020. Accordingly, SPTL has become one of the Sponsor of IndiGrid w.e.f. November 15, 2020.
India Grid Trust    
21 Dec 2020
128.07
1.23%
India Grid Trust - 540565 - Intimation Of The Conference Call With The Management Of India ...
BSE India
With reference to the captioned subject, we wish to intimate your good self and the unitholders of the India Grid Trust (IndiGrid) that a conference call is scheduled for investors and analysts on Wednesday, 23 December 2020, at 4:00 pm IST. The call will be initiated with a brief management discussion on the deal followed by an interactive Question & Answer session. Please find attached herewith the details of the conference call.
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  • Stock Price (102.48) crossed above 100 Day SMA (100.88) on 09 September, 2020
  • Day volume (98025228.0) was 2020% of the Month Average Volume (4852139.0) on 14 August, 2020
  • Stock Price (94.5) crossed above 30 Day SMA (93.5) on 17 April, 2020
  • Day Change by -5.27% (Crossed threshold 5%) on 23 March, 2020
  • Stock Price (93.35) crossed below 50 Day SMA (96.6) on 01 August, 2018
More triggered alerts
Ex-Date Dividend Amount Dividend Type Record Date
Nov. 9, 20200.00-Nov. 10, 2020
Aug. 11, 20203.00-Aug. 12, 2020
June 1, 20203.00-June 2, 2020
Jan. 27, 20203.00-Jan. 28, 2020
Oct. 30, 20193.00-Oct. 31, 2019
All dividends by INDIGRID