IndInfravit Trust has completed acquisition of 100% of the paid up equity share capital of Sadbhav PIMA (SPPL) from Sadbhav Infrastructure Project (SIPL) and subscribed 3,85,723 shares of SPPL by the Trust at consideration of Rs 8,87,16,290 on a private placement basis, and the consequent change in control of SPPL (viz. the project manager to eight of the Trust’s special purpose vehicles).
Further, the company has also completed subscription to 1% of the issued and paid up share capital of Mysore-Bellary Highway (MBHPL) by SPPL, and the sale of 9% of the stake of MBHPL by the Trust to SPPL (such transaction, the MBHPL Transaction); and the subscription of 1% issued and paid up share capital of Dhule Palesner Tollway (DPTPL) by SPPL, and the sale of 9% stake of DPTPL by the Trust to SPPL (such transaction, the DPTPL Transaction).
IndInfravit Trust was set up by L&T Infrastructure Development Projects (L&T IDPL) (the Sponsor) as an irrevocable trust under the provisions of the Indian Trusts Act, 1882. The Investment objectives of IndInfravit Trust are to carry on the activities of, and to make investments, as an infrastructure investment trust, as permissible in terms of the applicable law.
