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    540565   INE219X23014

INDIA GRID TRUST

(540565)
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India Grid Trust completed the acquisition of FRV Andhra Pradesh Solar Farm-I Private Limited and FRV India Solar Park II ľ Private Limited from Frv Solar Holdings Xi B.V.

07/13/2021 EDT

India Grid Trust (BSE:540565) signed a securities purchase agreement to acquire FRV Andhra Pradesh Solar Farm-I Private Limited and FRV India Solar Park II – Private Limited from Frv Solar Holdings Xi B.V. for an enterprise value of INR 6.6 billion on December 18, 2020. The deal value is subject to adjustment on account of movement in cash, tariff receivables, other assets, liabilities outstanding as on valuation date and any other adjustments as specified in the definitive agreements. FRV I reported revenues of INR 470 million while FRV 2 reported revenues of INR 500 million in the fiscal year 2019-2020. The transaction is subject to receipt of relevant approvals and completion of contractual obligations as well as to the terms of securities purchase and other definitive agreements and requisite regulatory and other relevant approvals like lenders’ approval. Cyril Amarchand acted as legal advisor and PricewaterhouseCoopers acted as accountant to India Grid Trust in the transaction. Dibyanshu of Khaitan & Co acted as legal advisor and Greenstone Advisor provided advise to FRV Group. Dibyanshu of BDO Advisory LLP acted as legal advisor to FRV Group. India Grid Trust (BSE:540565) completed the acquisition of FRV Andhra Pradesh Solar Farm-I Private Limited and FRV India Solar Park II – Private Limited from Frv Solar Holdings Xi B.V. on July 13, 2021.


ę S&P Capital IQ 2021
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Financials
Sales 2022 23 593 M 320 M 320 M
Net income 2022 5 200 M 70,4 M 70,4 M
Net Debt 2022 - - -
P/E ratio 2022 17,9x
Yield 2022 10,1%
Capitalization 77 475 M 1 050 M 1 050 M
Capi. / Sales 2022 3,28x
Capi. / Sales 2023 3,08x
Nbr of Employees -
Free-Float 99,6%
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Mean consensus HOLD
Number of Analysts 1
Last Close Price 132,78 INR
Average target price 140,00 INR
Spread / Average Target 5,44%
EPS Revisions
Managers and Directors
Harsh Dinesh Shah Chief Executive Officer& Director
Jyoti Kumar Agarwal Chief Financial Officer
Rahul Durgaprasad Asthana Chairman
Swapnil Prakash Patil Secretary & Compliance Officer
Tarun Bhagwandass Kataria Independent Director
Sector and Competitors
1st jan.Capi. (M$)
INDIA GRID TRUST8.42%1 050
HIPGNOSIS SONGS FUND LIMITED0.57%2 056