IndInfravit Trust approves borrowing, fee structure of SPVs

The board of directors ('Board') of LTIDPL IndviT Services Limited, the investment manager of IndInfravit Trust (the "Trust'), at its meeting held on August 24, 2022, considered and approved, the following matters:

- subject to the prior approval of the unitholders of the Trust, the proposed revision in the fees payable under the existing investment management agreement entered into with LTIDPL IndviT Services Limited, pursuant to the proposed third amendment to such investment management agreement.

- subject to the prior approval of the unitholders of the Trust and fulfilment of other requisite conditions, the proposed amendments to the existing project implementation and management agreements entered into with Sadbhav Pima Private Limited in respect of 8 special purpose vehicles of the Trust, including the fee structure thereunder.

- subject to, the prior approval of the unitholders of the Trust and fulfilment of other requisite conditions, commencement of process of termination of the existing project implementation and management agreements entered into with L&T Infrastructure Development Projects Limited in respect of 5 special purpose vehicles of the Trust. Consequently, subject to the prior approval of the unitholders of the Trust and fulfilment of other requisite conditions, the appointment of Sadbhav Pima Private Limited as replacement project manager for such 5 special purpose vehicles.

- subject to the approval of the unitholders of the Trust, availing of borrowings upto an amount not exceeding INR14,250 crores, and matters related thereto, subject to the condition that the aggregate consolidated borrowings and deferred payments of Trust and its special purpose vehicles, net of cash and cash equivalents, do not exceed 70% of the value of the Trust's InvIT assets (as defined under the SEBI InvIT Regulations).

Source : Equity Bulls

Keywords

IndInfravitTrust FeeStructure SPVs Borrowing