IRB InvIT Fund declares first Distribution of Rs. 1.55 per unit
- IRB InvIT Fund announces Financial Results for Q1 FY 2018
- The Board decides to distribute 94% of the distributable Cash Flow which is more than the minimum stipulated by the regulator (90%)
- Per Unit distribution is Rs 1.55, out of which Rs 1.05 per unit is in the form of Interest and Rs 0.50 per unit in the form of Return of capital
- This return is for 44 days from the date of listing which translates into annualised payout of 12.6%
- The Board decides to payout the net distributable cash every quarter as against the minimum stipulation of half yearly distribution
- The Board of the IRB Infrastructure Private Limited which is Investment Manager of the Trust also considered the Sponsor’s Offer for Sale of its Pathankot-Amritsar project
Mumbai, 29th July 2017: IRB InvIT Fund (the Trust) today declared distribution of cash flow of Rs. 90 Crores to its unit holders at Rs.1.55 per unit.
The Board of IRB Infrastructure Pvt. Ltd., an Investment Manager of the IRB InvIT Fund met today to discuss the Financial Results of the IRB InvIT Fund for the first quarter ended June 2017 of FY 18.
While commenting on the occasion, the Spokesperson, IRB Infrastructure Pvt. Ltd. said,“We are happy to announce the first distribution to the unit holders of Rs. 1.55 per unit. This translates into annualized payout is 12.6%, which is in line with our expectations. We would endeavor to make distribution every quarter as against the minimum stipulation of half yearly distribution”
The Trust has set 4th August 2017 as a record date for distribution and the Distribution will be paid / dispatched to the unit holders on or before 11th August 2017.
Further, the Board of Investment Manager of IRB InvIT Fund also considered an Offer for Sale by Sponsors of the Trust, IRB Infrastructure Developers Ltd., of 100% stake in their Pathankot – Amritsar Project and has approved the appointment of independent consultants to conduct due diligence and undertake various relevant activities with a view to take up the matter further before the Board and the unitholders.
While commenting on this development, the Spokesperson, IRB Infrastructure Pvt. Ltd. said,“This is in line with commitment made by the Sponsor wherein the Trust has a right of first refusal to acquire the project”
Highlights of the Trust Performance:
1. Reported Revenue for the Q1 FY 2018(Period of 53 Days) – Rs.151 Crores
2. EBITDA – Rs.123 Crores
3. Distributable Cash Flow – Rs. 96 Crores
4. Distribution – Rs. 90 crores ( 94% of the Distributable Cash Flow)
About IRB InvIT Fund:
IRB InvIT Fund is the Trust settled by its Sponsor, IRB Infrastructure Developers Ltd and is registered under the SEBI’s Infrastructure Investment Trust Regulations 2014.
The Trust, set up to own, operate and maintain portfolio of toll road concessions, is managing six operational road assets at present, with an aggregate value of approximately Rs. 5921 Crores, in Maharashtra, Gujarat, Rajasthan, Karnataka and Tamil Nadu.
