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New Delhi, Country's largest power producer NTPC proposes to forge a <keyword id="6373972" type="UNKNOWN" weightage="20" keywordseo="Joint-venture">joint venture</keyword> with government's strategic investment fund NIIF to set up an <keyword id="2584560" type="PERSON" weightage="20" keywordseo="Infrastructure-Investment-Trust">infrastructure investment trust</keyword> (InvIT). The proposed InvIT will help NTPC to monetise some of its <keyword id="10461945" type="UNKNOWN" weightage="20" keywordseo="operational-renewable-energy-projects">operational renewable energy projects</keyword>. Funds raised from such exercise would be used by the power producer to invest in <keyword id="10461946" type="UNKNOWN" weightage="20" keywordseo="additional-renewable-capacity">additional renewable capacity</keyword>. As per initial plan, NTPC would put the entire 1 GW of operational renewable assets and the 2 GW of RE projects in the pipeline under the trust. This will help to raise capital for expansion of renewable capacity. The power producer is also looking to expand the scope of its partnership with NIIF to foray in the power distribution business where it is bidding for privatisation of Union Territory discoms. NTPC plans to generate 25% of its power capacity from renewable sources by 2030, which will be equivalent of 32 GW of power capacity and require an investment of ₹1.60 lakh crore. InvIT route would be ideal to unlock the value of existing assets for making future investments in green projects. With a total installed capacity of 62,110 MW, <keyword id="347182" type="COMPANY" weightage="20" keywordseo="NTPC-Group">NTPC Group</keyword> has 70 power stations comprising 24 coal-based units, seven combined cycle gas/liquid fuel stations, one hydro, 13 renewables, along with 25 subsidiary and joint venture entities. SEE ALSO: <a href="https://www.businessinsider.in/business/news/ikea-india-cfo-says-she-still-has-3500-crore-to-be-spent-in-india-the-pandemic-has-changed-targets-but-not-the-investment-plan/articleshow/79790938.cms">INTERVIEW: Ikea CFO says she still has ₹3,500 crore to be spent in India⁠— the pandemic has changed targets but not the investment plan</a> <a href="https://www.businessinsider.in/science/health/news/india-will-produce-300-million-doses-of-the-russian-sputnik-v-covid-19-vaccine-next-year/articleshow/79795341.cms">India will produce 300 million doses of the Russian Sputnik V COVID-19 vaccine next year</a> <a href="https://www.businessinsider.in/stock-market/news/how-to-check-mrs-bectors-food-specialities-ipo-allotment-status-online/articleshow/79808672.cms">Mrs Bectors Food Specialities IPO allotment: Here’s how to check share allotment status</a>

NTPC looks at KV with NIIF for renewable infrastructure investment trust

Shares of <keyword id="11158922" type="COMPANY" weightage="20" keywordseo="powergrid-infrastructure-investment-trust">PowerGrid Infrastructure Investment Trust</keyword> listed with a <keyword id="47469" type="PERSON" weightage="20" keywordseo="premium">premium</keyword> of 4 per cent on Friday against its issue price of ₹100. The stock made its debut at ₹104, registering a gain of 4 per cent on the <keyword id="35140" type="COMPANY" weightage="20" keywordseo="BSE">BSE</keyword>. It further jumped 4.97 per cent to ₹104.97 as the trade progressed. At the <keyword id="6354646" type="COMPANY" weightage="20" keywordseo="nse">NSE</keyword>, it listed at ₹104, with a premium of 4 per cent. Earlier this month, the initial public offer of PowerGrid Infrastructure Investment Trust was subscribed 4.83 times. Price range for the offer was at ₹99-100 per unit. PowerGrid Infrastructure Investment Trust (<keyword id="11158539" type="COMPANY" weightage="20" keywordseo="PowerGrid-InvIT">PowerGrid InvIT</keyword>) is owned by state-owned <keyword id="400999" type="COMPANY" weightage="20" keywordseo="PowerGrid-Corporation-of-India">PowerGrid Corporation of India</keyword>. <keyword id="6425787" type="COMPANY" weightage="20" keywordseo="InvITs">InvITs</keyword> are instruments on the pattern of mutual funds and are designed to pool small sums of money from a number of investors to invest in assets that give cash flow over a period of time. SEE ALSO: <a href="https://www.businessinsider.in/cryptocurrency/news/after-ditching-bitcoin-elon-musk-is-now-working-on-making-dogecoin-efficient/articleshow/82628521.cms" style="">After ditching Bitcoin, Elon Musk is now working on making Dogecoin efficient</a> <a href="https://www.businessinsider.in/cryptocurrency/news/four-reasons-why-cryptocurrency-ethereum-has-been-on-a-bull-run/articleshow/82606761.cms" style="">Four reasons why cryptocurrency Ethereum has been on a bull run</a> <a href="https://www.businessinsider.in/science/health/news/covid-19-a-couple-from-chennai-has-come-up-with-this-innovation-of-a-surgical-mask-vending-machine-/articleshow/82605058.cms">Even small initiatives during a pandemic can help save a thousand lives, these people are doing their bit</a>

PowerGrid Infrastructure Investment lists at a premium of 4% against issue price of ₹100

<keyword id="15368544" type="General" weightage="20" keywordseo="nhais-infrastructure-investment-trust" source="Orion">NHAI's Infrastructure Investment Trust</keyword> (InvIT) <keyword id="6355663" type="General" weightage="20" keywordseo="non-convertible-debentures" source="Orion">Non-Convertible Debentures</keyword> was listed on the <keyword id="43628" type="General" weightage="20" keywordseo="bombay-stock-exchange" source="Orion">Bombay Stock Exchange</keyword> on Friday. Union Minister of Road Transport and Highway Nitin Gadkari on Friday said, "Today is a historic day and I feel very happy that we could finally give the Retail Investors (retired citizens, salaried individuals, small and medium business owners) an opportunity to participate in the Nation-Building activity. The minimum investment slab is just Rs 10,000." Gadkari informed that 25 per cent of NCDs has been reserved for Retail Investors. "The listing of InvIT NCDs on Bombay Stock Exchange is historic as it marks the new dawn for People's Participation (Jan-Bhagidaari) in Infra Funding. We have reserved 25 per cent of NCDs for Retail Investors. The round 2 of InvIT has been oversubscribed almost 7 times in just 7 hours of its opening. It offers an effective yield of 8.05 per cent per annum with highest credibility." Huge investments in infrastructure, especially roads, are crucial to the socio-economic development of our country, the minister said. "InvIT Bonds are a great opportunity to realize PM Narendra Modi Ji's vision of #AatmanirbharBharat. Huge investments in infrastructure, especially roads, are crucial to the socio-economic development of our country &amp; I'm confident that more retail investors will take part in next rounds and gradually overtake institutional investors," he added. Earlier, the Ministry had said that the second round of InvIT has been oversubscribed almost 5 times in 10% of the scheduled tenure. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/fired-twitter-ceo-parag-agarwal-takes-home-38-7-million-as-payout/articleshow/95137361.cms" style="">Fired Twitter CEO Parag Agarwal takes home $38.7 million as payout</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/walmart-netflix-partner-to-expand-hub-experience-to-more-viewers/articleshow/95136485.cms" style="">Walmart, Netflix partner to expand Hub experience to more viewers</a>

NHAI InvIT Non-Convertible Debentures listed on BSE

Capital markets regulator <keyword id="35210" type="General" weightage="100" keywordseo="sebi" source="Orion">Sebi</keyword> on Thursday extended the timeline till March 15, for submission of public comments on a proposal pertaining to higher responsibility for sponsors of investment vehicles - <keyword id="11931834" type="General" weightage="20" keywordseo="reits" source="Orion">REITs</keyword> and InvITs. The regulator had put in place a consultation paper on holding of sponsors in <keyword id="162545" type="General" weightage="80" keywordseo="real-estate-investment-trust" source="Orion">Real Estate Investment Trust</keyword> (REITs) and <keyword id="2584560" type="General" weightage="80" keywordseo="infrastructure-investment-trust" source="Orion">Infrastructure Investment Trust</keyword> (InvITs) on February 23 and sought public comments on the same by March 8. "It has been decided to extend the timeline for submission of comments to March 15, 2023," the <keyword id="6355630" type="General" weightage="80" keywordseo="securities-and-exchange-board-of-india" source="Orion">Securities and Exchange Board of India</keyword> (Sebi) said in a public notice. In its consultation paper, the regulator proposed changes to rules governing REITs and InvITs whereby sponsors will be required to own a certain percentage of units in these investment vehicles. The changes were proposed keeping in mind the interest of unit holders and the structural vulnerabilities associated with the absence of a sponsor for REITs and InvITs. The watchdog suggested that the sponsors of REITs/InvITs should hold 15 per cent of the capital for a period of three years from the date of listing as there is no mandatory unit holding requirement after three years. It was also proposed to mandate sponsors to hold 5 per cent of the unit capital after 3-5 years, 3 per cent from 5-10 years, 2 per cent from 10-20 years and 1 per cent after 20 years. As per Sebi, the REIT/InvIT industry is in a nascent stage and continuously evolving, there is a need to have at least one sponsor throughout the life of the investment managers. REITs and InvITs are relatively new investment instruments in the Indian context but are extremely popular in global markets. While a REIT comprises a portfolio of commercial real assets, a major portion of which is already leased out, InvITs comprise a portfolio of infrastructure assets, such as highways and power transmission assets. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/indias-gross-savings-and-investments-edge-higher-in-fy22-despite-inflation-says-sbi-research-report/articleshow/98444014.cms">India’s gross savings and investments edge higher in FY22 despite inflation, says SBI Research report</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/nclt-approves-suraksha-groups-bid-for-jaypee-infratech/articleshow/98476892.cms">NCLT approves Suraksha group's bid for Jaypee Infratech</a>

SEBI extends deadline till Mar 15 to submit public comments on proposal on REITs, InvITs sponsors

<keyword id="6984075" type="General" weightage="20" keywordseo="NSE-Indices" source="Orion">NSE Indices</keyword> Ltd, an arm of the <keyword id="53581" type="General" weightage="80" keywordseo="national-stock-exchange" source="Orion">National Stock Exchange</keyword> (<keyword id="6354646" type="General" weightage="20" keywordseo="NSE" source="Orion">NSE</keyword>), on Tuesday, launched the country's first-ever Real Estate Investment Trusts and Infrastructure Investment Trusts index - Nifty <keyword id="11931834" type="General" weightage="20" keywordseo="REITs" source="Orion">REITs</keyword> and <keyword id="17097508" type="General" weightage="20" keywordseo="InvITs-index" source="Orion">InvITs Index</keyword>. The index aims to track the performance of REITs and InvITs that are publicly listed and traded on the NSE, the exchange said in a statement. A real estate investment trust (REIT) or an infrastructure investment trust (InvIT) is an investment vehicle that owns revenue-generating real estate or infrastructure assets. REITs invest in real estate projects, whereas InvITs invest in infrastructure projects with a long gestation period. Through these trusts, investors get exposure to diversified regular income-generating real estate and infrastructure assets. "REITs and InvITs are recognised as strong alternative financial instruments to raise funds against the cash generating infrastructure and real estate projects. For investors, these instruments provide exposure to real estate or infrastructure assets and offer diversification of risk from regular asset classes like equity, debt and gold and generate regular income," NSE Indices CEO Mukesh Agarwal said. The weights of securities within the index will be based on their free-float market capitalisation, subject to a security cap of 33 per cent each, and the aggregate weight of the top three securities is capped at 72 per cent. The Nifty REITs and InvITs index has a base value of 1,000 and the index will be reviewed and rebalanced on a quarterly basis. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/sports/news/bcci-to-spend-rs-500-crore-to-upgrade-five-major-stadiums-ahead-of-world-cup/articleshow/99406322.cms">BCCI to spend Rs 500 crore to upgrade five major stadiums ahead of World Cup</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/space/news/a-giant-asteroid-the-size-of-qutub-minar-to-pass-dangerously-close-to-earth-at-30-times-the-speed-of-sound/articleshow/99406843.cms">Just Look Up: Giant asteroid the size of Qutub Minar to pass dangerously close to Earth</a>

NSE Indices launches India's first-ever REITs and InvITs index

Mumbai, <keyword id="6375349" type="DOMAIN" weightage="20" keywordseo="Reliance-Infrastructure">Reliance Infrastructure</keyword> Limited (RInfra) on Saturday announced the successful completion of sale of its entire 74% equity stake in Parbati Koldam Transmission Company Limited (PKTCL) to India Grid Trust (IndiGrid) for an enterprise value of ₹900 crore. RInfra owns 74% in PKTCL located in the state of Himachal Pradesh and Punjab in joint venture with the <keyword id="176911" type="COMPANY" weightage="20" keywordseo="Power-Grid-Corporation-of-India-Limited">Power Grid Corporation of India Limited</keyword> (PGCIL). The deal was announced in November 2020 with the signing of a definitive binding agreement between RInfra and IndiGrid and has now been completed with transfer of shares of PKTCL, and receipt of sale consideration. IndiGrid (BSE: 540565, NSE: INDIGRID) is India's first power sector <keyword id="2584560" type="COMPANY" weightage="20" keywordseo="Infrastructure-Investment-Trust">Infrastructure Investment Trust</keyword>, owning AAA rated <keyword id="10568144" type="UNKNOWN" weightage="20" keywordseo="power-transmission-assets">power transmission assets</keyword> in India. With this acquisition, IndiGrid owns 12 operating power transmission assets with a total AUM of over ₹14,500 crore. The total transaction value is ₹900 crore. The entire sale proceeds are being utilised for debt reduction. RInfra has reduced its total debt liabilities by 6% from the deal proceeds. SEE ALSO: <a href="https://www.businessinsider.in/business/startups/news/oyo-bags-a-7-4-million-cheque-as-pandemic-forces-ritesh-agarwal-to-reimagine-the-business/articleshow/80170847.cms">OYO bags a $7.4 million cheque as pandemic forces Ritesh Agarwal to reimagine the business</a> <a href="https://www.businessinsider.in/tech/mobile/news/samsung-galaxy-s21-series-mobile-available-on-pre-orders-checkout-expected-price-of-this-smartphone/articleshow/80168058.cms">Samsung Galaxy S21 series now up for pre-orders ⁠— expected to be priced around ₹75,000</a> <a href="https://www.businessinsider.in/stock-market/news/tcs-ongc-tata-power-punjab-national-bank-nhpc-and-other-top-stocks-to-watch/articleshow/80164057.cms?upcache=2">TCS’ market share, ONGC’s borrowing, Tata Power gets new territories⁠— these and other top stocks to watch</a>

Reliance Infra completes sale of entire 74% shareholding in Parbati Koldam Transmission Company Limited India Grid Trust

New Delhi, Dec 11 () The government on Wednesday gave its nod to the National Highways Authority of India (NHAI) to set up Infrastructure Investment Trust (InvIT) and monetise national highway projects.
 InvITs are instruments on the pattern of mutual funds and are designed to pool small sums of money from a number of investors to invest in assets that give cash flow over a period of time.
 "The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi, has given its approval to the proposal of Ministry of Road Transport and Highways, authorising NHAI to set up InvIT as per InvIT Guidelines issued by SEBI," the Ministry of Road Transport and Highways said in a statement.
 This will enable NHAI to monetise completed national highways that have a toll collection track record of at least one year and NHAI reserves the right to levy toll on the identified highway, the statement said.
 InvIT as an instrument provides greater flexibility to investors and is expected to attract patient capital (for say 20-30 years) to the Indian highway market, as these investors are averse to construction risk and are interested in investment in assets which provide long-term stable returns, it said.
 It will also facilitate retail domestic savings and corpus of special institutions (such as mutual funds, PFRDA, etc.) to be invested in infrastructure sector through InvIT.
 Roads and highways are the lifeline of the economy, connecting remote and far-flung areas and ensuring efficient transportation on regional as well as pan-India basis, it said.
 Development of national highways has a multiplier effect in terms of facilitating trade and enhancing the overall economic development of a region, it added.
 In October 2017, the Centre launched Bharatmala Pariyojana, which is the flagship highway development programme of Government of India for development of 24,800 km of roads for a total investment of Rs 5,35,000 crore.
 Given the magnitude of Bharatmala program, NHAI would need adequate funds to complete the projects within the prescribed timelines, it said.
 "As a part of this exercise, a workable option is to monetise the completed and operational NH assets to unlock their value and offer attractive schemes to private players to invest in construction of national highways," the statement said.
 It stressed that using new and innovative financing vehicles has become inevitable for organisations like NHAI that have limited existing sources of funds.
 The then Finance Minister, in his Budget Speech of year 2018-19, had stated that NHAI may consider organizing its road assets into Special Purpose Vehicles and use innovative monetising structures such as Toll, Operate and Transfer model and Infrastructure Investment Trusts (InvlTs).
 Based on the learning and experience, NHAI has been actively working on setting up an InvIT to monetise its completed and operational national highways projects with the objective of mobilizing additional resources through capital markets.
 NHAI's InvIT will be a trust established by NHAI under the Indian Trust Act, 1882 and Securities and Exchange Board of India (Infrastructure Investment Trusts) Regulations, 2014.
 The InvIT Trust will be formed with an objective of investment, primarily in infrastructure projects (as defined by Ministry of Finance). InvIT may hold assets either directly or through an SPV or a holding. NAM RVK

Govt gives nod to NHAI to set up InvIT, monetise national highway projects

New Delhi, Mar 3 () Markets regulator Sebi has revised its investment manager eligibility norms for Infrastructure Investment Trusts (InvITs) and also permitted fast-track rights issue by REITs and InvITs without filing draft offer document with the regulator. The investment manager needs to have an experience of at least five years in fund management or advisory services or development in the infrastructure sector, Sebi said.Alternatively, Sebi has also allowed a combined relevant experience of at least 30 years of directors, partners and employees of the investment manager, even if it is a newly created entity."For computing the combined experience, only the experience of the directors/partners/employees with more than 5 years of experience in fund management or advisory services or development in the infrastructure sector shall be considered," the regulator added.Currently, InvIT regulations require the investment manager to have at least 5 years of experience in fund management or advisory services or development in the infrastructure sector. Besides, the investment manager needs to have at least two employees, each with five years of experience in the infrastructure sector.Amending the regulations on Monday, the regulator also said that REIT and InvIT will not be required to file draft offer document with the regulator in case of a fast-track rights issue, "subject to the fulfilment of the conditions as specified by the Board from time to time." For this, the regulator has amended Securities and Exchange Board of India Infrastructure Investment Trusts) Regulations, 2014 and Securities and Exchange Board of India (Real Estate Investment Trusts) Regulations, 2014.The regulations were amended after the regulator in its board meeting on February 17 decided to amend its investment manager eligibility norms for InvITs and permit fast-track issuance of units to existing investors in REITs and InvITs.The changes in the eligibility norms will help a mega offering worth an estimated Rs 20,000 crore by the National Highways Authority of India (NHAI), which is in the process of setting up an InvIT to monetise its completed public-funded national highways. SRS ANUANU

Sebi revises investment manager eligibility norms for InvITs; allows fast-track rights issuance

New Delhi, Feb 5 () Capital market regulator Sebi is planning to amend its investment manager eligibility norms for Infrastructure Investment Trusts and also permit fast track issuance of units to existing investors in REITs and InvITs. The proposed changes in the eligibility norms will help a mega offering worth an estimated Rs 20,000 crore by the National Highways Authority of India (NHAI), which is in the process of setting up an Infrastructure Investment Trust (InvIT) to monetise its completed public-funded national highways. A proposal to amend the Sebi regulations for Real Estate and Infrastructure Investment Trusts (REITs/InvITs) will be discussed by the regulator's board at its meeting later this month to revise eligibility conditions for investment managers in InvITs and for streamlining the process of rights issue of units, officials said. The InvIT regulations require the investment manager to have at least 5 years of experience in fund management or advisory services or development in the infrastructure sector. Besides, the investment manager needs to have at least two employees, each with five years of experience in the infrastructure sector. However, the Securities and Exchange Board of India (Sebi) has been receiving representations from the industry and the market participants for considering alternative measures for relevant experience of the investment manager and considering the experience of employees or directors for meeting the experience criteria. In one such representation, NHAI has told the regulator that it is considering to set up an InvIT for monetising its completed public-funded national highways and it has proposed to set up a new company to act as the investment manager for the proposed InvIT. The NHAI has proposed that this new company would be headed by a board comprising 4-5 members, each having an experience of at least 15-20 years in fund management or development of infrastructure or highway activities. The new company, which would act as the investment manager, is also proposed to have five managerial-level employees, each having at least 5 years of experience in development of infrastructure or highways. While the intent of Sebi regulations prescribing experience requirement was to ensure that the investment manager had requisite expertise, the present norms do not permit a new entity even if it had sufficient number of experienced personnel to meet the regulatory intent, the officials said. Accordingly, Sebi has proposed that an alternative measure of the experience can be considered which can be defined in terms of multiple of the combined experience of the directors, partners and employees of the investment manager. While the combined experience requirement of the investment manager (IM) currently stands at 15 years (5 years for the IM and 5 years each for 2 employees), Sebi is proposing that the alternative measure can be made stricter at two times of the current combined requirement at 30 years to be met by directors/partners/employees having individual experience of at least 5 years. "This is expected to enable people with expertise in the relevant areas to be able to set up a new entity to act as IM to an InvIT and leverage such expertise in management of the InvIT," an official said. On fast track rights issue, the official said the current regulations specify that any follow-on offer or rights issue can be made by an REIT or InvIT within a period of one year from the date of issuance of observations by Sebi. However, listed companies are allowed to raise capital through rights issue without the requirement of obtaining Sebi's observations if they are in compliance with the continuous listing and disclosure requirements and certain other conditions. On receipt of representations from market participants for allowing similar facility to REITs and InvITs, Sebi has now decided to allow them to launch similar fast track rights issue of units, provided they satisfy the registration conditions and no regulatory action has been imposed on them in the three receding years. BJ HRS

Sebi to amend investment manager eligibility norms for InvITs

New Delhi, Feb 16 () Markets regulator Sebi will contemplate proposals to attach a 'difficult to recover' tag for individual defaulters who are found to be 'untraceable', and for so-called regulatory sandboxes on Monday, officials said. Besides, the board of Sebi would discuss a proposal to amend its investment manager eligibility norms for Infrastructure Investment Trusts (InvITs) and also permit fast track issuance of units to existing investors in REITs and InvITs, they added. The issues will be discussed at the board meeting of the Securities and Exchange Board of India (Sebi) on Monday. According to the proposal, Sebi plans to attach a 'difficult to recover' tag for individual defaulters who are found to be 'untraceable' as also for cases facing parallel proceedings by other agencies or in various courts and tribunals. This separate 'difficult to recover' category is for cases where recovery of penalties and other dues from defaulters proves to be virtually impossible and the amount involved is not found to be worth an attempt beyond a point. However, Sebi can initiate or continue its prosecution proceedings against the defaulters even after such a segregation and recovery procedure can be reopened in case there is any change in the prevailing parameters regarding the defaulter. The regulator is now considering a modification to its policy on 'difficult to recover' dues to include the criteria of 'untraceable' for individuals and 'parallel proceeding barring recovery'. In addition, a proposal to amend the Sebi regulations for Real Estate and Infrastructure Investment Trusts (REITs/InvITs) will be discussed to revise eligibility conditions for investment managers in InvITs and for streamlining the process of rights issue of units, the officials said. The InvIT regulations require the investment managers to have at least 5 years of experience in fund management or advisory services or development in the infrastructure sector. Besides, the investment manager needs to have at least two employees, each with five years of experience in the infrastructure sector. The proposed changes in the eligibility norms will help a mega offering worth an estimated Rs 20,000 crore by the National Highways Authority of India (NHAI), which is in the process of setting up an InvIT to monetise its completed public-funded national highways. Further, Sebi's board will discuss on a proposal to allow live testing of new products, services and business models for selected customers by providing various relaxations and exemptions. The move is aimed at facilitating use of latest financial technology (fintech) innovations in capital markets, they added. Initially, all Sebi-registered entities will be eligible to participate in such a 'regulatory sandbox' (a live-testing environment), while fintech start-ups and other entities that are not regulated by Sebi may also be allowed at a later stage, but no exemptions would be granted from the existing investor protection framework, KYC and anti-money laundering rules. Also, there is a proposal to change the eligibility criteria for appointing internal as well as external executive directors of Sebi. SP HRS

Sebi board to consider 'difficult to recover' tag for untraceable defaulters, regulatory sandboxes

New Delhi, Jan 29 () IndiGrid, the country's first infrastructure investment trust in the power sector, on Wednesday announced acquisition of power transmission firm East North Interconnection Company Ltd (ENICL) for Rs 1,020 crore.
 ENICL is part of inter state transmission scheme network and consists of two 400 KV transmission lines with a total 900 circuit kilometers across Assam, Bihar and West Bengal, which were set up to evacuate power from north-east and eastern states to the northern region of India. 
 The Board of the Investment Manager of IndiGrid has approved the acquisition of ENICL at a value of Rs 1,020 crore, a company statement said. 
 The acquisition would increase the AUM of IndiGrid by 10 per cent to Rs 12,100 crore, it added. 
 IndiGrid had signed an extension of Right of First Offer deed with Sterlite Power for ENICL as disclosed in the Offer Document dated May 4, 2019, the statement said.
 As IndiGrid is leveraged at 45 per cent net debt/AUM, it will be able to acquire the ENICL without any dilution. 
 This acquisition will be funded by internal accruals, proceeds from the preference issue done in May 2019 and new debt.
 The acquisition is expected to be consummated during the fourth quarter of 2019-20, subject to unitholders' approval, execution of definitive agreements and regulatory approvals.
 Upon acquisition of the ENICL, the IndiGrid's net debt/AUM will continue to be below 49 per cent. 
 IndiGrid's portfolio will increase to nine power transmission projects with a total network of 20 power transmission lines that span more than 5,800 circuit kilometres across 13 Indian states post this acquisition.
 Harsh Shah, Chief Executive Officer of IndiGrid, said, "IndiGrid has another Rs 65 billion (Rs 6500 crore) pipeline of transmission projects under the framework agreement with Sterlite Power to reach an AUM of Rs 180 billion (Rs 18,000 crore) over next two years. We are committed to growing IndiGrid with accretive acquisition of operating projects with long-term stable cash flows and low counter-party risks to achieve Rs 300 billion (Rs 30,000 crore) of AUM by 2022, while providing predictable and growing distributions to our investors."
 IndiGrid is the first infrastructure investment trust in the Indian power sector. It is managed by Sterlite Investment Managers Ltd which is majority owned by PE firm KKR. 
 Last May, Indigrid raised Rs 2,510 crore through preferential issue of which KKR and GIC contributed Rs 2,060 crore. KKS PSK MR

IndiGrid to acquire power transmission firm ENCIL for Rs 1,020 cr

Tax incentives are key to the success of <keyword id="6354553" type="COMPANY" weightage="60" keywordseo="real-estate">real estate</keyword> investment trusts (REITs) and infrastructure investment trusts (InvITs), the Securities and Exchange Board of India (<keyword id="35210" type="ORGANIZATION" weightage="80" keywordseo="sebi">SEBI</keyword>) has said. 
 
SEBI had notified the norms for listing business trust structures, REITs and InvITs, in September to attract more funds in the real estate sector. Both the trusts will get tax incentives. 
 "Countries like Singapore and Hong Kong had launched REITs but did not give any tax incentives because of which they did not kick off well. The whole REITs structure is motivated by tax benefit. If it is given, then it will work or else it will not," SEBI Executive Director <keyword id="2524820" type="UNKNOWN" weightage="80" keywordseo="Ananta-Barua">Ananta Barua</keyword> said. 
 
Real estate companies and investors have been demanding more clarity on tax structure for REITs and InvITs. 
 
"Taxation is involved at four stages--first while structuring and transferring assets to REITs or InvITs, second when they distribute income to its investors, third when they are traded and fourth time when there is an exit. These are heavy stages so tax issues have to be addressed," said Barua.

Tax Incentives Key To Success
Of Real Estate Investment Trusts: SEBI

<keyword id="12760343" type="General" weightage="20" keywordseo="National-Highways-Infra-Trust" source="Orion">National Highways Infra Trust</keyword> (<keyword id="49448" type="General" weightage="20" keywordseo="NHAI" source="Orion">NHAI</keyword> InvIT), the infrastructure investment trust sponsored by <keyword id="83263" type="General" weightage="20" keywordseo="National-Highway-Authority-of-India" source="Orion">National Highway Authority of India</keyword> (NHAI) to support the Central government's <keyword id="11929270" type="General" weightage="20" keywordseo="National-Monetization-Pipeline" source="Orion">National Monetization Pipeline</keyword>, has raised a sum of ₹1,430 crore from domestic and international investors through placement of its units, for part funding its acquisition of three additional road projects from NHAI. The placement of units with institutional investors, witnessed strong demand from both existing investors, who reposed their commitment by participating in the process, as well as new investors. The units have been subscribed by a gamut of institutional investors including Canada Pension Plan Investment Board, Ontario Teachers' Pension Plan Board, State Bank of India, SBI Pension Fund, SBI Mutual Fund, IOCL Employee Provident Fund, L&amp;T Staff Provident Fund, Rajasthan Rajya Vidyut Karamchari Pension Fund, TATA AIG and <keyword id="5050251" type="General" weightage="80" keywordseo="star-union-daiichi-life-insurance" source="Orion">Star Union Daiichi Life Insurance</keyword>. NHAI subscribed to the units through preferential allotment to maintain its unitholding of at least 15 per cent. The units were subscribed through a book build process at Rs 109 per unit, at a premium over floor price of Rs 107.12 per unit. In addition to the above, NHAI InvIT has also filed a prospectus with SEBI for issuance of Non-Convertible Debentures (NCDs) to raise Rs 1,500 crore. The NCDs would carry a coupon of 7.90 per cent payable semi-annually and would be available for subscription by both retail and institutional investors. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/international/news/recession-fears-mount-as-uk-gdp-falls-0-3-in-aug/articleshow/94823828.cms">Recession fears mount as UK GDP falls 0.3% in Aug</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/apps/news/whatsapp-now-a-spam-factory-1-in-2-indian-swamped-with-promotional-messages-report/articleshow/94815568.cms">WhatsApp now a spam factory, 1 in 2 Indian swamped with promotional messages: report</a>

NHAI InvIT raises ₹1,430 crore through follow-on issuance

Mumbai, Feb 17 () Capital markets regulator Sebi on Monday decided to amend its investment manager eligibility norms for Infrastructure Investment Trusts and also permit fast-track issuance of units to existing investors in REITs and InvITs. The changes in the eligibility norms, approved by Sebi's board at a meeting here, will help a mega offering worth an estimated Rs 20,000 crore by the National Highways Authority of India (NHAI), which is in the process of setting up an Infrastructure Investment Trust (InvIT) to monetise its completed public-funded national highways. The board approved a proposal to revise eligibility conditions for investment managers in InvITs and for streamlining the process of rights issue of REITs and InvITs, the regulator said after the meeting. At present, InvIT regulations require the investment manager to have at least 5 years of experience in fund management or advisory services or development in the infrastructure sector. Besides, the investment manager needs to have at least two employees, each with five years of experience in the infrastructure sector. As an alternative, Sebi will now allow a combined relevant experience of at leat 30 years of directors, partners and employees of the investment manager, even if it is a newly created entity. The Securities and Exchange Board of India (Sebi) has been receiving representations from the industry and the market participants for considering alternative measures for relevant experience of the investment manager and considering the experience of employees or directors for meeting the experience criteria. In one such representation, NHAI had told the regulator that it is considering to set up an InvIT for monetising its completed public-funded national highways and it has proposed to set up a new company to act as the investment manager for the proposed InvIT. The NHAI had proposed that this new company would be headed by a board comprising 4-5 members, each having an experience of at least 15-20 years in fund management or development of infrastructure or highway activities. The new company, which would act as the investment manager, is also proposed to have five managerial-level employees, each having at least 5 years of experience in development of infrastructure or highways. While the intent of Sebi regulations prescribing experience requirement was to ensure that the investment manager had requisite expertise, the present norms do not permit a new entity even if it had sufficient number of experienced personnel to meet the regulatory intent, the officials said. Accordingly, Sebi decided that an alternative measure of the experience can be considered which can be defined in terms of multiple of the combined experience of the directors, partners and employees of the investment manager. While the combined experience requirement of the investment manager (IM) currently stands at 15 years (5 years for the IM and 5 years each for 2 employees), Sebi proposed that the alternative measure can be made stricter at two times of the current combined requirement at 30 years to be met by directors/partners/employees having individual experience of at least 5 years. "This is expected to enable people with expertise in the relevant areas to be able to set up a new entity to act as IM to an InvIT and leverage such expertise in management of the InvIT," an official said. For fast-track rights issue, the current regulations specify that any follow-on offer or rights issue can be made by an REIT or InvIT within a period of one year from the date of issuance of observations by Sebi. However, listed companies are allowed to raise capital through rights issue without the requirement of obtaining Sebi's observations if they are in compliance with the continuous listing and disclosure requirements and certain other conditions. On receipt of representations from market participants for allowing similar facility to REITs and InvITs, Sebi has now decided to allow them to launch similar fast-track rights issue of units, provided they satisfy the registration conditions and no regulatory action has been imposed on them in the three preceding years. AA SP BJ ANUANU

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