Ladies and gentlemen, good day and welcome to the India Grid Trust Limited Q4 FY23 earnings conference call. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Subhadip Mitra from Nuvama Wealth Management. Thank you. Over to you, sir. Good afternoon, friends. On behalf of Nuvama Wealth Management, welcome you all to the IndiGrid InvIT fourth quarter FY 2023 conference call. We are joined today by the senior management of IndiGrid, represented by Mr. Harsh Shah, CEO and Whole-time Director. Mr. Naveen Sharma, Chief Financial Officer. Ms. Meghana Pandit, Chief Investment Officer. Mr. Satish Talmale, Chief Operating Officer. We will start with opening remarks by the management, followed by a Q&A session. I will now like to hand the call to Harsh for his opening remarks. Over to you, Harsh. Thank you, Subhadip, and thank you everyone for joining the call. A very warm welcome to our annual investor presentation as well as the quarter four results. As we have done in the earlier presentation, I will take you through the part of the presentation, and I will invite my colleagues to discuss some of the rest of the segment and eventually we'll do question answer. To start with, I'm on Slide 3, which talks about what is our vision. Our vision is to become the most admired yield vehicle in Asia, which is gonna be based on a focused business model, value creative growth, predictable distribution, and an optimal capital structure. While focusing on these four pillars in the vision, on Slide 4 what we stand today is with AUM of about INR 23,000 crores, INR 22,800 to be specific, spread across 20 states and UT. 61 different revenue generating elements between transmission lines and substations. 100 MW solar generation as on date. About 27 years of residual contract life, and a sizable amount of receivable value in terms of, you know, amount of metal that we carry with us. On Slide 5, considering we have an annual presentation, just taking through the evolution over the years since inception, first couple of years. Middle Ages I would say 2019-20 and 2023-2023, over the last couple of years. As this portfolio is just to showcase how our portfolio has grown in terms of starting from 10 revenue generating elements to now 61, and it's gonna grow further to 75 or 77 next year. Unitholder-based diversification from a developer-owned InvIT to a financially sponsor-owned and financially sponsor-owned, professionally managed InvIT. To a variety of investors getting introduced, starting from insurance company, NPS, pension funds, over last 6 years. In general, proliferation of market and liquidity increase with reducing lot size and diversified ownership. Along with that, our revenue asset base, EBITDA, and EPS has also grown multiple. That's been the evolution of us over the last 6 years. Coming to exactly the quarter four quarterly update on Slide 7. There's been significant activity in quarter four since the board meeting in portfolio growth. We have signed definitive agreements to sign, acquire Virescent Renewable Energy Trust, which is a AAA-rated InvIT with an operational renewable asset of about 4,000 crores in size, subject to closing adjustment and, you know, customary approvals. IndiGrid AUM will increase by 18% almost to 27,000 crores after applying this, and the renewable energy portfolio will stand at 674 MW peak. In the quarter we also completed acquisition of Khargone Transmission Limited from Sterlite Power, an ISTS, PTCL project with approximately 6.6 KM of line and 765 kV substations for about 1,500 crores. Financial performance. Augmented by KTL and the other acquisitions which were done earlier in the year and last year. Our quarter four FY23 revenue and EBITDA witnessed 9% and 6% growth respectively. Q4 collections were healthy at 114%, the trend which we have seen in the past. DPU was bumped up, I would say, ahead of the schedule in quarter four 2023 itself at 3.45 versus 3.19, which was in Q4 of FY 2021. This year we have increased it, quarter early, and we have increased it by a significant amount, for this year and the next year. Next year the DPU guidance is at INR 13.8 a unit, which is approximately again a 4.5% growth over the last year of guidance of INR 13.2. During the quarter we also raised, one of the longest infrastructure bonds, with 18 years of tenor, with IFC with very competitive terms and a stringent ESG and governance norms. We are pretty excited about having IFC on board, and also, we see it as a testament of ESG work IndiGrid is pursuing. Our AUM stands at INR 22,800 crores, net debt to AUM at 59.5%, which left substantial headroom for growth, considering the cap of 7%. Operating performance remains to be robust. We are at 99.6% availability at the end of quarter four of FY 2023. 2.5 million safe man-hours achieved till now. We commissioned our first battery energy storage system coupled with solar installation at one of our substations, which allows us to offset substation auxiliary power consumption with green power, as well as it allows us to experiment with BESS at a working level to get our hands dirty and to provide us more insights and understanding to go for large economics. All in all, this is kind of tallying up well with our strategy of delivering superior returns, sustainable increase in DPU and stable operations. Going to Slide 8 on Q4 of FY 2023 update. While there is a lot of details, the top 3 point capture the summary is we do see accelerated addition of generation capacity to meet rising demand. That's something I'm sure many of us have read in the newspaper. In general, the demand has been growing consistently, this is owing to the fact that government focused a lot on rural electrification over last five years, which is resulting into increased demand. Therefore, you know, a lot of latent demand which earlier was not served to get them on the grid. We think this is just the beginning. Overall consumption growth on electricity side will continue to grow sustainably. What this would require is additional transmission networks which will facilitate evacuation both for renewable as well as stability products. We do see adding a lot of opportunities on that account on our business. In addition to that, the heightened focus on renewable generation and energy storage infra is also going to yield to both investment in renewable and energy storage as well as in transmission sector. We believe we are playing in a sweet spot of electricity growth, that's going to pan out over next 10 years. On Slide 9, Q4 FY 2023 operational performance. I'll invite my colleague, Satish Talmale, to join and take you through the quarterly highlights. Yeah. Thanks, Harsh. Good afternoon, everyone. Starting with safety, we achieved our zero harm milestones for the quarter as well. 2.5 million safe man-hours have been achieved. We had zero fatalities, zero recordable lost time incident, and zero first aid cases. Overall, on asset performance, we achieved 99.60 quarterly average availability for the portfolio. Whereas from annual performance point of view, we are standing at 99.7. Solar generation, with 100 MW plant, we achieved 61.20 million units, which are generated at 28.38% CUF. On reliability, typically, Q4 has a lot of scheduled outages for the correction of any plant identified issues, defects in the system. Which we take to, you know, clean up those defects. Our trip performance is one of the best, compared to our peers, and we achieved quiet, zero trip months in substation in a year. On digital asset management platform, I think all our assets are operational on the platform since last, 8 to 10 months. Now we are heading towards advanced business intelligence platform, which will help us to take, analytical decisions and enable faster decision-making to improve reliability and safety of the assets. As Harsh already mentioned, the battery energy storage system is already commissioned, and this will help us to scale up for any large battery energy storage projects. On the right-hand side, the availability performance, we achieved our normal queue availability, and as a portfolio we are at 99.7 at average level for the financial year performance. Again, on the key indicators point of view, quarterly comparison, the number of trips per line has slightly increased because of few weather-related events, otherwise we are on track as far as our annual targets are concerned. There is increased focus again on training manpowers, reporting culture on EHS, which is helping us to achieve our safety goals. Yeah, that's it. I'll hand over next to Naveen. Yeah. Thanks, Satish. Yeah. That brings us to our financial performance on Slide 10 on Q4. As you can see on earnings table, our revenue and EBITDA stand at 9% and 6% year-on-year growth. Our NDCF generated is substantially higher at 18% at INR 347 crores for the quarter versus INR 293 the last quarter year-on-year. On collections, as I mentioned earlier, it's been a good quarter with about 114% collection. That's been a trend that we've seen. Q4 typically plays out in a higher collection. However, this is even higher than what we experienced last year. DSO days stands at 54 as of March 2023, which is, while it's 4 days higher than March 2022, it's pretty much similar in line that we see of our usual days of 60 days. On the next slide, I'll just take you through the DPU growth journey that we have gone through. Our management objective is to ensure superior returns, sustainable DPU and stable operations. FY 2023, we made 3 acquisitions which enabled us to grow DPU. First of that was Raichur Sholapur, which was about INR 240 crores. Second was Khargone Transmission, which was around INR 1,500 crores. Third was, we signed a framework agreement with GR Infra, which is pretty much kicked in terms of our acquisition. As and when it kicks in, it will add to the FY 2024 DPU. FY 2022 acquisitions, which were the first solar projects, yielded the first full year cash flows in FY 2023, which in the FY 2022 were only for partly. In addition to that, we do see a pipeline of strong pipeline with respect to Virescent coming to closure, probably in H1 FY 2024. GR Infra assets, Rajgarh Transmission coming to acquisition and a strong pipeline on greenfield transmission and GIA. We are pretty confident of further pipeline that's converting or that might convert into the overall asset base. With that in mind, we increased the DPU by 4.5% to INR 3.45 this quarter. We believe that there can be an additional DPU increase by 0.3% once some of the pipeline acquisitions fructify in FY 2024 and stabilize. On the right-hand side, you can clearly see our overall chart of growth of DPU that's taken place over the period of years. The next slide is with respect to the details on our DPU. The INR 3.45 consists of INR 2.53 of interest, INR 0.03 of dividend, taxable, INR 0.026 billion nontaxable. Again, I would urge all of you to check the respective income tax sections and your individual tax treatments, including capital repayment. Another income at INR 0.5. Net net, we have distributed INR 241.5 crores for this quarter. Record date stands at May 18, 2023, tentative distribution date would be around May 27, 2023. NAV has remained pretty much stable at INR 131.62 versus last year. While there have been asset acquisitions, there has also been risk-free rate increase and therefore that is something which is balancing out. Going down the next slide is in consolidated EBITDA to NDCF waterfall. For the quarter, we have generated INR 525.8 crores of EBITDA at GSPV. There were total working capital CapEx movement and tax FSP, which made the NDCF at GSPV at INR 6,071 crores. sorry, INR 607 crores. Considering all the finance cost is at IGP. The INR 251 crore is IGP, which is the finance cost getting reduced. Effective NDCF generated was INR 347 crores, the third blue bar. We distributed INR 241.5 crores, and we added to the reserve about INR 105 crores. As on the year-end, we would have reserve of approximately INR 322 crores, which is nothing but the 10% NDCF over the period of years, we try to save and create balance for stable performance. On the Slide 14, Meghana, I will invite Meghana to take you through the balance sheet on that. Meghana, can you please? Yes. Hi. Good evening, everyone. I'm on Slide 14 on the balance sheet of IndiGrid. We continue to be AAA rated by all the three rating agencies, and we ended the year with an average cost of debt of about 7.53%, with a cash balance of about INR 1,160 odd crores, which includes about INR 400 odd crores of escrow and about INR 240 odd crores of distributions for Q4. The mix between the floating and the fixed rate borrowings continues to be skewed on the fixed rate borrowings. More than three-quarters of our borrowing book is fixed rate borrowing. We ended the year, fiscal year, with a net debt to AUM of about 59.5%. Again, a very robust interest coverage ratio of about 2.16 times. The gross borrowing ended being about INR 14,600 odd crores, which is spread between bank loans and NCDs, which is also diversified amongst various classes of investors. On NCDs we have mutual funds, corporates, retail, insurance companies, domestic pension funds, and on the loans as well subscribed by private banks as well as public sector banks. The average cost of incremental borrowing for the quarter, in line with the way the markets, debt markets have moved, was slightly higher at around 7.86%, which wherein we borrowed for closing the Khargone transaction. Harsh has already mentioned about we raising about INR 1,140 odd crores of NCD from World Bank funded IFC, International Finance Corporation, with a tenure of 18 odd years. The chart at the bottom of the slide provides the repayment or refinancing schedule. We are looking at a refinancing plan of about INR 930 odd crores for FY 2024, 50% of which is coming up in the next quarter, for which we already have the funding. Balance 50% is coming at the end of the fiscal. We will be raising funds to refinance this facility as well. Rest of the years, as you can see, we have tried to ensure that our refinancing amounts don't cross more than 12%-13% of the gross borrowing. Moving on to slide 15. This talks about the total returns, risk adjusted total returns to investors, both on the annualized part as well as the total return part since the time we got listed. As you can see, we are again outperforming compared to all the pure-play, debt indices, which is the G-Sec 10-year G-Sec bond and the 30-year G-Sec bond. As well as on the right-hand side, you can see we've compared ourselves to the indices, equity indices, both on the infra utilities as well as pure-play transmission entities. As you can see, we are providing a superior risk-adjusted return. Risk being monitored through beta, which remains at the lower end of about 0.08 times. Moving ahead on the business outlook part, Harsh, you wanna come in? Sure. On the business outlook, again, following the same principle on the portfolio strategy. We will continue to look and identify and acquire value-accretive assets, which ensure consistent DPU and stable DPU growth. We will work towards consummating the pipeline deals that are existing, which is Virescent acquisition, framework with GR and some of the other bids that we are seeing. We're also actively looking to explore some of the specific greenfield bidding opportunities in power transmission and utility scale. Focus is to deliver on the increased DPU guidance, that we have provided, and we are confident doing that. On the balance sheet front, as we have continued to maintain, we will continue to maintain adequate liquidity and optimize our interest costs in longer tenors, which is, you know, allowing us to keep a robust balance sheet and not impacted by change in interest rates scenario. We do plan to raise equity capital up to INR 1,500 crore to ensure that we use that to fund partly the recent acquisition and also keep adequate headroom for growth. On the asset management side, we will continue to work towards resiliency, and which will mean that we are able to ensure that our operations remain stable and predictable, and we maintain more than 99.5% availability across portfolio. We also migrated to central and owned practices across the portfolio. Sizable part of our portfolio is managed by IndiGrid's own teams and not by contractors, which allows us to ensure our costs are under check. Our control on the asset remains better. We have been able to do that by utilizing the right set of digital tools that we have invested over the last few years. Priority will be to continue to ensure our world-class EHS and ESG practices across our portfolio. On the industry stewardship, I think there are two points which we continue to work intrinsically. First being maximizing private sector participation in electricity sector, both in greenfield, where which should come for tariff-based companies in the bidding. As well as National Monetization Pipeline, where we do believe that the right way of monetizing public assets is to call for an auction. These two are strategic objectives which we pursue on the industry. In the interim, we try, I think we continue to work towards increasing awareness on broader side segment as well as stakeholders about what IndiGrid are and maybe by that approach what IndiGrid is. That, that's been the business outlook that we see for next year and key priorities. On the next slide, while our EGM notice is not yet issued, but many of the activities that we have described above requires approval of our unitholders. Therefore, we plan to call for an extraordinary general meeting soon. That will be in the first week of June, which will be physical plus e-voting. The first item on that which requires approval of unitholder is acquisition of Virescent renewable energy capacity in units of Virescent. Along with that, acquisition of shares of Virescent's investment manager and project manager. These two items are linked to acquisition of Virescent. There have been many slides that we have published on Virescent. Besides that, along with this presentation, we will be publishing valuation report as well, which will provide a great amount of detail for unitholders to evaluate the proposal. On item number 3, we have proposed to consider and approve amendment in investment manager agreement, to add for provision of success fee, linked to enterprise value. Which, again, the details and the description and rationale is provided for in the presentation. We'll be addressing any question and answer relating to that also in the call today. Item number four is linked to the capital raising approval of up to INR 1,500 crores by institutional placement, which I have mentioned above in the presentation. The point number 5 is to consider and approve declassification of Sterlite Power as a sponsor of IndiGrid, considering that they own zero or nil shares at IndiGrid or the managers of IndiGrid from private equity. These are the decisions that will be EGM at IndiGrid in first week of June. We should soon be issuing the EGM notice, which will carry the required detail for unitholders to consider. However, the purpose of considering in today's call was to address any primacy questions or clarifications investors might have. With that, I would take a pause, and we'll open for question and answer so there is adequate time for question and answer for this time. Thank you. Thank you very much. We will now begin the question-and-answer session. Anyone who wishes to ask a question may press star 1 on their touchtone telephone. If you wish to remove yourself from the question queue, you may press star 2. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. Reminder to the participants, anyone who wishes to ask a question may press star 1. First question is from the line of Mohit Kumar from ICICI Securities. Please go ahead. Good afternoon, sir, and congratulations on the good year. It's very heartening to see the consistent increase in DPU over last few years. First question is, can you just clarify the leverage now and leverage post rights issue and leverage post-acquisition of Virescent? Can you give these 3 numbers? It'll be helpful. Yeah. Sure. The leverage now is approximately 59.5% as on year-end, which is FY23. After acquisition of Virescent, it will be. The valuation report will get published. A closing adjustment might happen, but effectively it'll be approximately 65% on closure of the Virescent transaction. Subsequent to, depending on how much capital we raise, right, INR 1,000 crore or INR 1,500 crore, it'll come back to probably sub 60%, right? It'll be in the same range. The exact numbers are difficult to project in future. It is 59.5% now. It'll grow to approximately 65%, and it'll come back to 60%-62%, depending on the size of the capital raise we do. Yes, sir. The follow-up question is then that, what is the future of the trust? Are you looking to... Because this is only 60%. We don't have enough headroom. Should we expect more future raise in the coming years? I think that's I mean, we keep debating that question. We need to strike a balance because when we raise capital, we need to be able to see that we are still able to meet our DPU growth, right? There is an optimal debt to equity that is needed in Infra to be able to, you know, I would say, juice up the projects and really provide the right yield. On the other hand, if we over-leverage, we run the risk of, you know, being susceptible to impact on the balance sheet. We try to strike a balance between the two. Even at, let's say, 60%, today we have about INR 6,000-7,000 crores of headroom from a purely regulatory perspective to acquire assets. We are showing our inclination to raise capital preemptively after closing Virescent, which will take us to 65%. The reason why we are raising capital is to be able to, you know, keep enough dry powder to close further acquisitions. I think we have enough headroom to grow after Virescent and capital raise. We'll have another INR 7,000-8,000 crores of headroom to grow without raising capital. That is sufficient, and that allows us to balance the DPU growth and the right DPU yield versus the growth potential. I think it's a balance that we are looking to strike. I think it's the right balance between INR 1,000-1,500 crore capital. Understood, sir. Sir, my second question is that you've introduced the fees which you're looking to get deployed from the unitholders. This is... Can you explain how does it work? This is work for, because you need to... If you acquire an asset, let's say INR 100 crore, I mean, with the guidance for this risk co, and they get paid, or is it based on the 2, 3 years of, you know, DPU guidance? Yes. I think the further details will be there in the AGM. The way we went about this was to really benchmark InvIT with, I would say, a wide variety of stakeholders in terms of asset managers. Today InvIT fees are about 0.25% of AUM and subject to a cap of 1.75% of EBITDA. If you look at it's one of the lowest, if not the lowest fees that many asset managers will be charging. I'm not comparing with InvIT, whether it's mutual funds or AIF or other platforms, right? We also compared with other yieldcos in Singapore, Hong Kong, Australia, elsewhere, and we are still amongst the lowest in terms of fees. What that does is to really hampers the, I would say, a manager's capability to incentivize and attract the right talent. What we wanted to do is to create a fee structure which is globally accepted as and incentivize employees and managers for growth. The way we have structured it is to have and introduce a success fee or an incentive fee on acquisitions, able after the financial year ends and when the financial year guidance has been met. Many a times we acquire assets in quarter 4, sometimes we acquire assets in Q 1. Instead of every asset, you pay a fee which becomes difficult to judge as well as doesn't allow opportunity for failure of operation. We have put a simplistic structure saying, let's say for example, in FY23, the company has acquired INR X crore of assets. We will pay 0.5% of fee as one-time fee on that, subject to FY23 guidance being met, right? It will be a decision the manager board will be able to exercise at the end of the financial year, looking back for the last financial year. That is how it is designed from the beginning. I think it is still one of the lowest success fees, if you compare with the global funds. We have again tried to strike the balance between that and investment manager as a company has also committed that majority of this one-time fee will be going towards employee incentives, towards growth. I think it's kind of directly linked with the employees. Understood, sir. Thank you and all the best, sir. Thank you. Thank you. Thank you. The next question is from the line of Shalini Vasanth from DSP Mutual Fund. Please go ahead. Hi, Suresh. It's Kunal from DSP Mutual Fund. My question is in terms of leverage again. Like you mentioned occasionally for this VREIT acquisition, you would reach a 65% mark and post the capital raise you will be again back to sub-60. What kind of peak level of leverage you are comfortable with and also in order to maintain a AAA rating? Yeah. That was the only question. Thanks. I think it's an interesting question. I think we have been saying that consistently. From a comfort perspective, we are comfortable with around 65% of peak leverage, but that's peak and that's comfort. From a covenant perspective, we continue to maintain the 70% threshold which SEBI allows us. If let's say resistance was a little bigger, we might have been 67% and we would have been fine, right? Anything above 65% it's out of our comfort zone and therefore we would start looking to raise capital. It's not like a covenant, but it is a, I would say, business strategy to ensure that we remain below 65% for both risk as well as agility in terms of further growth opportunity to materialize. Understood. Understood, sir. Thanks a lot, sir. Thank you. The next question is from the line of Sagar Sanghi from Ambit Capital. Please go ahead. Thanks for the opportunity. First, two sets of questions. On the recent acquisition that has been announced, one, intensity in the renewable space, you bought the asset at about 8x EV/EBITDA. What is the IRR that you are looking for on this kind of acquisition and what is the hurdle rate for IRR? That is one. Two, you mentioned that the DPU will increase by 2%-3%, once the acquisition fructifies. Whereas the asset that you are adding is about 18% of the total asset base right now, and the NDCF that will be generated, that is INR 200 crore, would be about 20% of the current NDCF. That should give a bump up of about INR 2.75 on the existing DPU of INR 13.8. about 20% or kind of thing. Yeah. I'll address your second question first, and you're absolutely right. Let's say if IndiGrid was comfortable managing at a higher leverage, right? Let's say 65%-67%. That means the entire INR 200 crore of additional NDCF that you would earn can translate into direct accretion to unit holders and therefore INR 2-3 DPU accretion, right? we think that that is not the right way to run a platform because we do want to grow further, and that means we are going to raise more capital. when we raise more capital, we are going to issue more units, and therefore when we issue more units, the INR 200 crore, depending on what is the size of the capital raise and other things, will get divided on a wider unit holder base, right? That would leave not 2.75 but maybe half a rupee or INR 1 of accretion, right? It is still not 2%-3%. It can be more. I would say if we gave a guidance, we want to be 100% sure instead of, you know, giving an optimistic guidance and not delivering on it. Can it be more than 2%, 3%? 2%, 3% is approximately 40 paisa. Yes, it can be. We would like to see integration, cash flow, how much valuation, at what price, INR 1,000 crore or INR 1,500 crore. Depending on that we will give further guidance, right? A INR 200 crore directly adding to the 70 crore units right now is not appropriate because we are going to issue more units. That is the right way to look at it, because we think that's the right way to run the business. See, See, if IndiGrid were to say this is the only product that we're gonna have, it might be comfortable with 65, 67% and DPU can grow and eventually, you know, we can run the business like that. We have chosen to always keep a headroom on DPU growth, both for risk and opportunity, and therefore the DPU growth immediately that you may see may not be like, you know, 10%. It may be 2, 3%. That's to answer question number 2. Can you repeat your question 1, please? The kind of competitive intensity, in the renewable space with you, acquiring an asset at 8x EV/EBITDA. What is the hurdle IRR, for this, and what is the IRR that you are paying, to acquire this asset? Okay. I would, to be honest, you know, refrain from using heuristics like EV/EBITDA, and I'll give you why. One is 8x EV/EBITDA, maybe higher, maybe lower, depending on how much cash we are acquiring the company with, right? That is 1. Second, it is also a function of how much is the residual tenor. This company has around 18 years of PPA left, so accordingly gets valued. Again, all these numbers will be public in valuation report, so one can actually run the financial model exactly. Third is the EBITDA numbers that get published are kind of accounting EBITDA numbers. What is the difference between that number and the practical number is straight lining. Under Ind AS, many of the EBITDAs are which are higher now, later lower tomorrow, get straight lined and therefore reduced. In some cases, it will be increased. One needs to tie up to the actual cash generation and not just the accounting EBITDA in some of the renewable energy projects. It is not. You might end up with a wrong conclusion, either on a higher side or a lower side in terms of both EBITDA multiple and profitability. I would urge you to look at the valuation reports that get published, which will talk about the exact projections for each asset of Virescent that will be acquired to create a model. To answer the second question on that was what the return threshold is we acquire at. We do look at acquiring the renewable energy projects at least 100 to 200 basis points higher than what we make on transmission projects. I think the specific return or IRRs, I would refrain from communicating on that because there are a variety of assumptions that goes into that, starting from cost of debt, tax, repayment structure, all of it. What looks like a, let's say, a 13.5% IRR to us might look like 11% to somebody else, right? It's a nuance working. Again, all the information that is required to make the right judgment on that is available in public domain, in the valuation report, in our incremental cost of debt. Information is made available. To give a threshold return that we make won't do a justice on the call, both for inaccuracies as well as, you know, competitive intelligence. Got it. Okay. The last one is, you mentioned, you'll be reaching about INR 27,000 crore of AUM, with the recent acquisition. With the incremental capital, you should ideally reach INR 33,000 odd crore of AUM, that should suffice us, capital need. Any, any assets in pipeline, that you have identified and looking to add, over next 1 and a half years? There are many, many assets in pipeline, but we can't comment on that till the time we sign something. We gotta wait for that. Okay. Thanks a lot. Thank you, sir. Thank you. The next question is from the line of K.P. Kabra, an individual investor. Please go ahead. Yeah, good afternoon, sir. Thanks for the good set of numbers. My question is the distribution of the income per unit. There are several parts, interest, dividend taxable, dividend of taxable. As an Indian investor, we are confused which parts is taxable, which is not taxable. If you can help with the guideline or some CA certificate. I know that it will be difficult in a taxation in a year concerned because it may be different from individual to individual. For the individual like me, where 1,000 units and earning INR 12,000 a year, it's difficult for me to give CA certificate paying INR 5,000. With a disclaimer, can you please provide a certificate or any guidelines or any suggestions. Yeah. saying this part is taxable, this is not taxable in my hand. Clearly. That's all. No. I think, Kabra, I completely understand your concern and issue. We do provide that. If you look at our distribution advice, which is called Form 64B, if I'm not wrong, that captures pretty much in exact manner component, which will be, you know, what is given as what under what tax provision? Whether it's under 150 UA or 194 LBA or other provisions. We do provide that distribution advice. I would suggest you to look at that. Second, we do provide something called FAQs. Right now, our FAQs are already available on our website. They are yet to be updated for the latest amendment that has taken place in March. We would be updating that. Between these two, I believe it will give you the right amount of guidance to make that judgment yourself. I don't think you need a CA certificate for that. However, I think it eventually, the way, as you know, India functions is that the liability of right filing of taxation is the individual's responsibility, right. Even if the government knows what the tax accessibility is, it is responsibility lies with the individual. We as a company cannot take that liability, unfortunately, but we are providing every disclosure required for you to file that return and also FAQ. The FAQ will come up with a disclosure that please take our advice of a CA, right. Because we cannot take the liability of guiding people on tax, right. This is a specific subject matter, and we won't know what other incomes you have. I think there is enough disclosure. If you look at Form 64B, which we are providing annually, now we are going to provide quarterly, plus our distribution advice, which is that, and our FAQ which will be updated. You will have adequate amount of information to make that judgment. That's not fair. I provide these FAQs and all the details to my chartered accountant; they are not clear. They said for the individual investment, you have to take care. Say, for example, capital requirement. Everybody's confused whether this capital repayment is taxable or not. It is not covered under this 115 U or 194 LBA. Can you please suggest this particular component is taxable or not in my hand? If you look at this budget, the announcement has come. It is part of the Income Tax Act now. Since 31 March, 1 April onwards, we are not supposed to deduct TDS on capital repayment. As long as capital repayment is issued to the level of issue price of units. For our case, it is 100. We are not deducting TDS, but cost of acquisition for you will be reduced. Therefore, when you actually sell the unit, if you sell the unit, your cost of acquisition will stand reduced to the extent of capital repayment you have received. Right? Yes, sir. now that is what I'm exactly replicating what is said in the Income Tax Act. Beyond that, I think you will have to interpret your financials in terms of how the tax gets computed. My finances is okay. My financials so far concerned, so were related to these units. For that only because I have talked to many Indian friends also who have invested in India, and everybody is confused. Every category is also confused, almost. See, for particular for a particular unit, they are not going to be studied from any section. Anyway, this. For a particular unit. Is quite helpful. It's okay for there, sir. Thank you. Thank you. Thank you. Thanks a lot. Thank you. The next question is from the line of Pratik Kothari from Unique Portfolio Managers. Please go ahead. Hi, good afternoon, and congratulations. First, the first question is on the transmission assets. One, if you can just throw some light about the availability which is out there in the market, the kind of pipeline that we are witnessing. And also, in the context of the NMP, the Power Grid was supposed to sell some assets. Is there any movement on that side? We are tied up with GR Infraprojects to bid for certain projects. Just some color comment on how things are operating there. Sure. No, we have a good pipeline, as I mentioned earlier. First, on GR Infra, I believe the project is moving on well, and as and when it is ready, we would look to acquire that project. On other 5,000 crores of bids that we tied up, we bid for two projects. We could not win because as I said earlier, for us, profitability and returns are of most important. We don't need to acquire projects if they don't yield accretion to us. Therefore, we stayed out of those bids. There are still some, many of the bids which are left on transmission greenfield. We are looking at that, including battery energy storage. We'll see, you know, how many of those bids convert into pipeline. It is subject to it meeting our risk return thresholds. The pipeline looks to be healthy, and we will see which part of the pipeline eventually gets converted into. The next question was on Power Grid. See, we cannot comment on behalf of Power Grid, but I believe that I think the sale has not taken place. As I said earlier, we seriously hope that such sale, as and when takes place, goes through a public auction process because it is a public asset built with taxpayers' money, and therefore any monetization should go through a proper auction process. I can only hope that Government of India will follow that as and when it gets done. Even the process to build our auction has not started in the system? Yes. Public process has not started. I don't know if it has been but yeah. Fair enough. I'm not aware of any such process, yeah. Yes, yes. Fair enough. My second question is on the renewable association, the VRE. One, this INR 200 crores of NCDs which you mentioned, is this for the VRE trust or this will be what will accrue to IndiGrid? Sir, your audio is unclear from your line. Request you, sir, to please use the handset mode. Sure. I hope this is better. Yes. My second question is on VRE. The INR 200 crores of NCDs which we have mentioned, one, is that what VRE trust used to generate or this is what we expect to accrue to IndiGrid? Second, I think we had mentioned somewhere that it went through a bidding process. If you can just highlight what the other bidders were at. The reason I ask you this is in context of, one, it seems a bit expensive, just prima facie, and I'm sure you did mention that you'll come out with a valuation report. Also, it's a related party, and hence the questions. Sure. No, I think, I think extremely valid question. I will address that question first. I mean, we don't know who the second or third bidder were because, I mean, it's not that we have access to it. The process was run by one of the bulge bracket top banks, and we were asked to participate. We participated in that. It went through a professional diligence process, and all the bids were compared by the bank and shared with shared with Terra, which is the seller over here. It has been an independently run auction process where we have participated from IndiGrid side. In our board meetings or investment committee meetings or in EGM, KKR, who is an affiliate of Terra as well as IndiGrid, would be refraining from voting. They did not participate in any of the board meetings or investment committee meetings or did not have access to any of the diligence or terms that were shared at IndiGrid board. That has kept that complete absence from participation from KKR, who can be potentially conflicted. Therefore, we have completely kept away from them. In addition to that, as I said, they would not be voting either on IndiGrid side where they are the shareholders or on Virescent side where they're our shareholder. This will be voted on both IndiGrid and Virescent side completely by minority shareholders other than KKR. That's to kind of give you a perspective. They had zero participation at board. They will have zero participation in voting. Therefore, it is kind of run as purely unclean. By that logic, it also means that I don't know who won the second or third bidder, right? Because the banker does not have obligation to tell us who the second bidder were. We are not aware of the exact name. That's, that's on question number two. On question number 1, I think you referred to. Can you repeat that? Can you rephrase that? Because it seemed expensive as in disclosure valuation reports, if you can clarify. Just from the context of EBITDA or your... Okay. The amount you're paying on per megawatt basis. Yeah. Correct. Correct. It's different from what we paid last year to SRV or in general what happens in the market. Got it. Got it. Got it. Perfect. I'll differentiate. Again, I would urge you to do little bit of more work because we don't pay based on per megawatt. We pay based on, you know, what tariff we earn. The last acquisition we did had a much lower tariff than the tariff that is over here, and therefore price per megawatt may not be the right comparison. Second, I just answered in detail about the EV/ EBITDA multiple. I would urge again, look at EV/ EBITDA, pick up the model and, you know, probably do discounting. You'll get better answers on that after the valuation reports are public soon. Third question was INR 200 crore NDCF. I think that is for us. That is not what concentratin g. That is for us, because we are going to finance it differently, run it differently. This INR 200 crore estimation is based on IndiGrid's estimates, not on Virescent's history. Okay. What's the tariff here? 16 projects. I believe the weighted average tariff is approximately INR 5. Again, let the numbers get published. Approximately INR 5. Fair enough. This last clarification, I mean, earlier we had stated that we have non-transmission assets, be it battery, solar, anything else, we would cap it at 25%, 30% of our AUM. That still holds. That still holds, but I would not put utility energy storage into solar. It will be transmission because Government of India classifies it as transmission. anyways, we don't have anything in BESS, so that's a secondary question. To your primary question, yes, we would cap it at 25%, 30%. Great. Thank you so much. All the best. Thank you. Thank you. The next question is from the line of K.U. Rushan from PNB MetLife. Please go ahead. firstly, congratulations for a stable set of numbers. I guess most of my questions have been answered. just one thing, I mean, if you could provide some more color on the underlying assets that are being acquired in terms of quality of those assets, how does it fit into the criteria that PIW guided on in terms of PPAs, counterparties, operational track record? I think what we like about the assets, that they've got a, on an average, approximately 7 years of operating history. Now, what that provides us is that it provides us exactly how the generation track record of assets were, right? Therefore, we don't need to necessarily depend on future guesses on how generation will pan out. We have fairly good estimate of how generation will take place, right? Because 7-year operating history is fairly sizable. Second, majority of them are still with extremely good counterparties like NTPC, SECI, NVVN. Even beyond that, overall receivable cycles over last year have improved so much. In all states, assets also have under 90-day receivables. We look at the receivable in a pretty healthy shape that we have seen. Good operating history, good quality of assets, good access to track record of generation, and a lesser receivable day. Pretty much it kind of ticks almost all boxes for us. Sure. Just one follow-up on the counterparties. I think you mentioned about central counterparty. If you could quantify actually what would be the share of central counterparties in the portfolio. In our overall portfolio. Okay, let me do the other way around. The total solar portfolio will be approximately 17%-18% of our AUM. Right. of IndiGrid. Out of that, approximately 12% will be SECI, NTPC, NVVN. Approximately 6%-10% will be state, which includes UP, Punjab, and EI. Right. Right. Understood. Sorry, just one thing. I think you partly answered this question earlier, but, just want to understand that till now we have been very conservative and let's say gradual in addition of solar assets. Now we have this rather large acquisition that is being planned. Could you also talk about the thought process? I mean, whether the share of solar will go up from here and will it reduce? What looks like an optimum level for us? Sure. I mean, we are still conservative, and we'll remain conservative. Conservative doesn't mean we don't do large transactions. Conservative means we wait for the right opportunity, where we find good quality assets and at the right price. I don't think there is any change in our strategy. We do not follow a particular optimum mix of solar we want to reach. There is a cap that we'll follow, but we do not have a particular percentage we want to reach. We would remain neutral between transmission, solar, battery energy storage in terms of which particular segment offers the best risk reward, right? While transmission assets are good, but if the bidding and the price for it is so high that it results into lesser returns than what we think is reasonable, we'll not acquire those assets. Same exists for our solar as well. Whether we acquire solar, transmission or battery energy storage is not a function of what sector we like. We like all three. What sector or subsector offers the right risk return for at that particular point in time, I think that is what our focus is on, to really do micro level analysis, not a macro decision. I think it might happen that we remain at 18%, and it might happen that we reach 30%, but none of it is going to be by design. It is going to be decided by opportunities that come to us. Understood. Understood. Subject to a cap, let's say about 30% or so. Correct. Within that range. Yes. Understood. Understood. Thanks. This is useful. Thank you. The next question is from the line of Pradyumna Dalmia from Lansdowne Investments. Please go ahead. Hi, am I audible? Yep. Okay. Hi, Harsh. I'll try to keep it brief. Couple of questions, one on the capital raise and one on the management. Beyond the capital raise front, if you could give us some, you know, idea as to what is the timeline of the capital raise and how are you intending to raise the capital. I mean, you've mentioned all various instruments, including rights issue, you know, preferential issue, et cetera, and issue of debt security. If you could give us some more clarity on that and also the timeline. Two, on the management fee bit, you know, the 0.5% additional that you're proposing to charge every time you acquire an asset. Just want to understand the cash flow of that impact of that and where is that going to come from. Is that going to come from, you know, the EBITDA? How are we going to account for that in the cash flow of that? Got it. Got it. Perfect. In answering your first question, see, we are gonna fund by debt to start with, then subsequently raise equity, which is either institutional placement, preference issue or rights issue. At the moment, I can tell you that we on the board of IndiGrid do not have a specific answer to what method we are gonna raise that INR 1,500 crores or up to INR 1,500. We might do INR 1,000 as well. I can tell you the criteria that or other considerations that are there on our mind. Consideration on institutional placement is that it requires EGM approval therefore we are taking it right now, so it can be subsequently issued in next 12 months. Rights issue does not require EGM approval, on the other hand, it requires filing of the prospectus. When we do a rights issue, and last time we did a rights issue at a discount, we subscribed 98% of our unit holders subscribed, which was a great sign for us. Also, there is a slight downside to that is because the liquidity does not increase because the new investors do not get introduced, right, in a rights issue format. On the other hand, if you do an institutional placement, it allows us an opportunity for getting good quality investors added to the register, which adds to liquidity, positioning, all of it. This also helps current investors. The balance between the two is dependent on at what price we do either rights or preference or institutional, and we do not have those answers at this point in time. The reason why we published it today is to give guidance that we will do it. We will do it in out year timeline, 12 months. We might do it in 3 or 6 months as well, depending on the market conditions. It's to give a guidance that we are not planning to run the platform at a peak leverage. We would raise capital and keep growth appetite. That's the guidance. At this point in time, I do not have more specific answers on exact pricing or method that we will use. As and when we do it, certainly investors, we will kind of announce that. On the second question on fees, consider it. Again, I, as you rightly asked, it's not an accounting treatment, it's a cash flow impact. It will be considered as part of the acquisition cost and therefore funded like that. It will be like if we are acquiring something for INR 4,000 crores, let's say, give or take, there will be a INR 20 crore provision that will be made payable next year after seeing the performance. The provisioning will be done for INR 20 crores now, but the cash flow will happen a year after. That is how we look at impacting. Got it. Got it. Okay. Thank you. Thanks, Harsh, for the clarification. Thank you. The next question is from the line of Tanvir Suri, an Individual Investor. Please go ahead. Yeah. Hi, Harsh. Thanks for taking the question. See, this question was. You've already addressed this question right now regarding the taxation part. You know, for individual investors, it's really difficult because if I'm buying shares from the open market, I'm buying at random times. When I see the opportunity, I buy. You know, I may not have bought all the shares at INR 100. I might have bought it at INR 120, at INR 110. It's not that simple for us to keep the track of, you know, how much tax we should be paying. Yeah. Because even the other guy also said, even the C.A.s are confused. Honestly, you know, we cannot keep a track of... Because some shares come at a particular price, some come at a particular price, the others come at a particular. It's almost like impossible, you know, daily sit and just keep a track. I don't know how that's gonna work. Sure. I'll suggest, again, as I said, Sunnyji, my this is my advice, okay. This issue has been raised by, and we have discussed this with Ministry and SEBI, and there were right amount of data available. Let me put it like that. In our 64B, it will completely communicate the history of all capital repayment that is made and what date it is made. Right. Correct. Let's say you acquire 100 units at 130, 100 units at 135, 100 units at 115, 100 units at 100, okay? At different times you have acquired. What happens is, the dates of those units are nearly as important to calculate your capital gains, right? When did you acquire that unit? Right. What will be available to you from us as IndiGrid, an obligation on us, is to describe on what date, how much of capital repayment is done, right? You have four tranches, 100 each, bought on different dates. You will know after that date how much capital repayment is done per unit from IndiGrid side, right? When you sell it, you will know how much to reduce your cost of acquisition for which tranche of purchase that you did, right? That's one. That information will be available to you from the company side on Form 64B. Second is, as and when IndiGrid is keeping track that it has issued at INR 100, as and when IndiGrid has already paid out its INR 100 of capital repayment, it will start deducting TDS, right? You will know ki upse it is gonna be charged at a maximum rate, right? You'll know that. At least I can tell you for IndiGrid, it is at least a decade away, right? Meanwhile, the computation is only if you sell the unit. You need to compute when did you purchase those many units. After that, how much of capital repayment that has happened, reduce that from your cost of acquisition. Correct. Your price of acquisition probably becomes slightly lower. I get it. Yes. Yes, exactly. Just the second question I had, is that I know that now there is a REIT and InvIT index which the Nifty has already, you know, brought out. Any timeline as to when a REIT and InvIT will actually be included in like the top line indexes like Nifty? Because, you know, right now also if you see, the liquidity is not as much when you go to buy from the open market. I mean, sometimes, you know, the spreads are slightly larger. I guess that might be resolved by itself once they are included in indexes and, you know, large institutions are then buying them. Any idea about that? To be honest, you know, I'm also waiting for that. What I would urge you to do is to write to SEBI, write to NSE, write to Ministry, right? Okay. Because we have been at every door, that we should be included. We meet the criteria. For whatever reason, it's been getting held up. At the end of the day, you know, we are considered interested parties. If it comes from unitholders like yourself, it will carry more weight. I would urge all the people to write letters to SEBI and Ministry on this, that's the only way to make it happen, I think. Okay, great. Great. All right. Thanks a lot. Thanks a lot. Thank you. Thank you. The next question is from the line of Sunil Shah from Turtle Star. Please go ahead. Yeah. Thank you. Congratulations, Harsh, and entire team for this wonderful performance. Thank you very much on behalf of all the unitholders. So, my question is in context with the IFC fundraise, the NCD issue, which is there, which was mentioned in the presentation on Slide 14, which is INR 11.4 billion. So, my question is Sorry to interrupt you, Mr. Shah. The audio is slightly muffled from your line. Please use the other phone. Yeah. Is this better? I hope so. Is it good? Yes, please go ahead. Yeah. Okay. My question is with the IFC NCD issue, A, the cost, the rate, the interest rate at which we are raising that thing for 18 years. That is one. Second, are we exposing ourselves to any kind of currency risk because it's an international offering? Is that the case? The third point is whether, you know, the refinancing schedule, which is just mentioned on the Slide 14, is IFC, you know, the NCD issue which is there, are we connecting the two, that in future also, whenever this refinancing thing comes in, we'll have some kind of support from IFC on the fundraise that would be required? Could you please give us some clarity on that, please? Sure. Point 1, it is 7.7%, which is available on the entity on the BSE, page it will be available. It's 7.7%. Okay. Two, on the... Is it FX? No. This is an INR-denominated bond, so the FX risk lies with IFC, not with the company. Right? Even though it's an international investor, it's a rupee-denominated issue instrument, so we are not taking FX over here. Okay. Three, IFC does not provide further commitment. The IFC is an 18-year facility. What will happen is what you see on that slide is without IFC maturity schedule. As we publish in Q1, you will see a revised schedule which will be including IFC, which will be a little more elongated, right? IFC is just INR 1,100 crore out of INR 14,000 crore of the balance sheet, right? We do not see that getting materially changed. If you look at that slide, there is a part of refinancing that is already planned in this year, right? If you look at the Slide 1 chart that you see in that table, right? Which is for repayment of loan, which is FY24, INR 930 crore and refinancing. This is getting addressed by the IFC funding. Rather, it's already addressed, right? That is what is getting refinanced for an 18-year facility. Fine. Fair enough. Thank you so much. Thanks for the clarity. Bye. Thank you. Thank you. The next question is from the line of Rajan Kaparia, an individual investor. Please go ahead. Hello. Sorry, your audio is not clear. Please use the handset mode. Hello. Yes, sir. Please go ahead. Can you hear me now? Yes. Yes, sir. Oh. Actually the question is regarding that board. Mr. Kaparia, your audio is breaking some. Please, repeat your question. Yes. Board itself gives a distribution guidance and then, that also will be having impact on, you know, additional acquisitions. Will not that be conflict of interest? That's the first question. Yeah, it is. See, it is conflict of interest, and therefore there are 2 things which are done. The board has communicated clearly that whatever income that is generated, a majority of that as an incentive will be paid to employees of the manager. Second, board is not the final authority, right? That is why it has come to unitholder vote, where board has a vote. Okay. Yeah, yeah. Definitely. Yes. Yeah. It is for voting for unitholders. The board will not. I mean, KKR is not voting. It It is owner of the bank. Okay. Okay, okay. The second thing is it, I mean, this is the alternate part of the... I mean, when we reach 65% and all, and maybe we go with that equity issue also. After that, why should we acquire more? Because, I am unitholder since, maybe I think, 5, 4 years. The prime motive, when we did acquisitions was that it would directly make sure that our DPU is increasing. That was the main issue. At that time, we were having very less, I mean, loan, not loan-to-value, leverage. We were having very less leverage. When we actually reach that 65%, should it not be like that we just stay it there and let it run like that? I mean. No, you're absolutely right, Rajan. See, if there is one way to run the business which says that we keep the debt equity at, let's say 65%, 70% and not acquire any more projects, right? What happens is, when we see an opportunity to acquire, which will grow DPU further, right? What we have to do at that time is raise capital. Raising capital takes time, right? Whether it's preference issue or rights issue, and it's subject to market conditions. Just one is the- No, no. My question is not that let's say we assume that we will not move beyond 65. The question is every unitholder knows that beyond a certain point, there cannot be possible DPU increase. That's the thing, because at times we are not a business-like thing. It's just an annuity kind thing. That's what I was referring. Okay? No, no. That is, that is where I think, I think you need to look at it as like a business rather than just the annuity. We are not a set of 10 projects alone. We are a yield co or an InvIT which is growing. That is part of our theme. Yes, 80%-90% of our returns will come as an annuity alone, but 10%-15%, which will come as growth. For example, we started with INR 11 DPU. Now we are at INR 13.8. That's a INR 2.8 jump. It's about 20%. It happened because we have acquired projects, right? We are a business. We are in the business of annuity, if I can tell you. We are not an annuity. We are not a fixed term bond that you have bought. There'll be nothing after that will happen. We are a business. We are in the business of annuity. That is the right way to look at us or any other probably InvIT. That is a real structure. It's not a set of projects. No, no. That, that I understand. Most of that increase in DPU or increase in NAV was mainly because we were having lower average. Very high level. That's okay. Okay. Correct. Now, let's say now we want to grow from here, right? Let's say we are at 65%, we cannot grow any more. No, no. No, no. What I am saying is if we grow from here on, we need to dilute. That's not the thing. Correct. We need to dilute in a way that the DPU will grow. Yeah, yeah. We are trading above NAV. It's not a big issue. Yeah. That's it. Good. Good. Okay, thank you. Mm-hmm. Thank you. The next question is from the line of Chandra Mali, an individual investor. Please go ahead. Hello, sir. Hello, sir. My question is also pertaining to the same. Now we are planning to raise up equity of about 1,000, 2,000 points through whatever way. Do you fairly think that is it the right time? You know, it's trading at 139, 140. The yield is close to 10% at current DPU, approximately whatever I'm saying. Is it fair to raise equity at this level? My question again going to the previous participants. You know, maybe if it's the right time, it is okay if it is 160, 170 or whatever. Hope I'll be able to. Sir, I will come with a preference issue capital with you putting INR 1,000 crore at 160. I can tell you we will go ahead and do it. I think whether it's the right time or not is a very important question. I think it is the right time because we do see other pipeline assets for growth and therefore, we will look to acquire. Whether it's fair or not, I think is subject to pricing. If we are doing a rights issue at whatever price, right? I mean, I think it's fair because every investor will get a chance to participate. If we are doing a preference issue, I understand that, you know, we need to do it in a way that, you know, it adds value to unitholders who are not subscribing, so it's a balance between the two. I would say quoting numbers like 165, 170, it becomes fair, is unfair, is unreasonable. I mean, if you are happy to put in money at that price, we will definitely make sure that we can raise capital at that price. Why I meant to say INR 160, INR 170 is not that you have to fix it at that price. What I meant to say is that the yield value will be in the range of around 8%. That could be the fair assumption, I said. I'm not saying that you have to. I understand. I understand. I understand. I understand. I was just trying to; I get it what you're saying. As I said, if we are able to raise capital at INR 160, we will certainly do it, right? At the end of the day, there is a difference between, I mean, the price of any issue, whether it is an asset, whether it's a security, is whether there are adequate buyers at that price, right? If there are no adequate buyers at INR 160-170, should IndiGrid stop growing? My answer will be no to that, right. As long as we are doing acquisitions which are accretive to that particular unit price at which capital is raised, we do feel that IndiGrid should raise capital and acquire. If it is rights issue, it can be at a discount because, you know, everyone is getting to participate. It's a balance between the two. As I said, I do not have any specific number both on capital raise, price or methods today. We take note of your suggestion for sure, but, we do not have that guidance as of now. It's a guidance that we are going to raise capital. How? Method, pricing, we'll come back to you when we actually do it. That's the answer. Fine. Fair enough. Thank you. Thank you. Thank you. The next question is from line of Malav Sharedalal from Pravin Ratilal Share and Stock Brokers. Please go ahead. Hello, sir. Congratulations for good set of numbers. My question is related to, as a unitholder, we are not eligible to pledge the securities to the bank or any NBFCs. Whereas promoter KKR is able to pledge and take the loan on it. Because we want to pledge it for some days for the requirement. We don't want to sell the units. What's your view on that? Have you communicated to SEBI or RBI? Point one, as of now, to clarify factually, KKR has not pledged the units of IndiGrid. Just a correction of factual stats. Second, the treatment of securities is not different between unitholders in any regulation, whether it's SEBI or RBI regulation. If KKR or any promoter can pledge units, legally speaking, you can also pledge units. Technically, I understand that banks and NBFCs are not accepting from retail shareholders because of classification, but they are waiving that off for corporate, you know, sponsors, right? I understand the anomaly, but as I said, even this question has come up earlier. I would urge you to write to SEBI and RBI directly. We as a company or as InvIT going to SEBI saying, "Allow our units to be pledged," will receive a tremendous pushback because I don't think that is the purpose which regulators would encourage InvITs to go and propose. I would urge, you know, as an individual unitholder, you have rights to do so, you have powers to do so. Please write to SEBI. If you require which department, we can help you on that. Please write to them. Coming from unitholders themselves, it carries a lot of weight for regulators. Coming from InvIT or the company, it becomes extremely biased. We, while we have spoken about it, we have always been given who has raised this issue. We ask them to write to us, right? I would suggest you to write to them because it is not that IndiGrid can do something different, right? At the end of the day, it is in the regulatory process, between SEBI and RBI, largely RBI and SEBI. I would urge you to write to them. We can help you. You know, our compliance officer can help you who to write, but what to write is up to you. You know, we cannot write this to regulators as an InvIT. Yeah, I will get in touch with compliance officer. Thank you. Thanks. Thank you. Ladies and gentlemen, that was the last question for today. I would now like to hand the conference over to Mr. Subhadip Mitra for closing comments. Hi. I would like to thank the management for giving us this opportunity to host the call. Harsh, would you have any closing comments? Yeah. Thank you. I would say thank you, thank you everyone for being present on the call. I really appreciate your questions. We try to address them to the best of our abilities, and I would hope that we have been able to do it. Our EGM for the key decisions will be issued soon. EGM notice will be issued soon. Look forward to your support and to the resolutions that are there. Thank you very much. Thank you. Ladies and gentlemen, on behalf of Nuvama Wealth Management, that concludes this conference call. Thank you for joining us, and you may now disconnect your lines.