Anzen India Energy Yield Plus Trust has disclosed that its sponsor, SEPL Energy Private Limited, has completed a significant unit sale transaction on March 24, 2026. The transaction involved the sale of 26.25 lakh units worth ₹32.81 crore through on-market operations on both major stock exchanges.

Transaction Details

SEPL Energy Private Limited executed the unit sale across both BSE Limited and National Stock Exchange of India Limited on March 24, 2026. The company sold 11.50 lakh units on BSE and 14.75 lakh units on NSE, totaling 26.25 lakh units for a combined value of ₹32.81 crore.

Shareholding Changes

The unit sale has resulted in a further reduction of SEPL Energy's stake in Anzen India Energy Yield Plus Trust. Prior to this latest transaction, SEPL Energy held 98.50 lakh units representing a 3.85% stake in the InvIT. Following the divestment, the sponsor's holding has decreased to 72.25 lakh units, equivalent to a 2.83% stake.

Regulatory Compliance

The disclosure was made pursuant to Regulation 7(2) read with Regulation 6(2) of the Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015. The transaction also complies with the Securities and Exchange Board of India (Infrastructure Investment Trusts) Regulations, 2014, including Master Circular No. SEBI/HO/DDHS-PoD-2/P/CIR/2025/102 dated July 11, 2025.

Company Information

SEPL Energy Private Limited, incorporated under CIN U74999MH2018PTC307666, serves as a sponsor of Anzen India Energy Yield Plus Trust. The company is based in Mumbai with its registered office at 504 & 505, Windsor, 5th Floor, Off CST Road, Kalina, Santacruz (E), Mumbai - 400098. The disclosure was signed by Krishna Parekh as the authorized signatory for SEPL Energy Private Limited and communicated to the stock exchanges on March 25, 2026, by Sanket Shah, Company Secretary and Compliance Officer of the InvIT's investment manager.

Anzen India Energy Yield Plus Trust has submitted a comprehensive valuation report to SEBI for its proposed acquisition of Kudgi Transmission Limited, following the execution of a Securities Purchase Agreement on March 17, 2026. The transaction, valued at up to ₹11,000 million, represents a strategic expansion of the trust's infrastructure portfolio in the power transmission sector.

Regulatory Compliance and Valuation Process

The trust submitted the valuation report on March 18, 2026, in compliance with Regulation 21(6) of the SEBI Infrastructure Investment Trusts Regulations, 2014. The Board of Directors of EAAA Real Assets Managers Limited, acting as the Investment Manager, formally acknowledged the valuation report prepared by registered valuer CA Jayeshkumar Shah (IBBI Registration Number: IBBI/RV/07/2020/13066).

Transaction Structure and Asset Details

The acquisition involves purchasing 100% shareholding and other securities of Kudgi Transmission Limited from three seller entities: Infrastructure Yield Plus II, Infrastructure Yield Plus IIA, and India Infrastructure Yield Plus II. The deal structure includes both unit swaps of Anzen and cash consideration, with the final amount subject to closing adjustments.

Financial Performance and Revenue Model

Kudgi Transmission Limited operates on a build, own, operate and maintain basis with consistent revenue generation. The company demonstrates stable financial performance with annual revenue of ₹1,962.90 million as per the Transmission Service Agreement, plus additional incentives linked to availability performance.

Valuation Methodology and Key Assumptions

The registered valuer employed the Income Approach using the Discounted Cash Flow method with a Free Cash Flow to Firm model. The valuation incorporates several key assumptions including transmission revenue based on the Transmission Service Agreement, operational efficiency maintaining above 98% availability for incentive eligibility, and terminal value considerations for the post-concession period.

The valuation process considered the company's operational track record, regulatory framework, and long-term revenue visibility under the transmission service agreement extending until 2051. The assessment also factored in ongoing litigation matters, which were deemed to have low to medium risk with no material impact expected on the valuation.

Related Party Transaction and Governance

The acquisition qualifies as a related party transaction since the seller entities are Alternative Investment Funds managed by EAAA India Alternatives Limited, which is the holding company of Anzen's Investment Manager. To ensure proper governance, Mr. Subahoo Chordia abstained from participating in board discussions regarding this matter due to his dual role as Director of Anzen's Investment Manager and member of the Key Investment Team of the seller AIFs.

Completion of the acquisition remains contingent upon securing unitholder consent and obtaining other relevant regulatory approvals. The transaction aligns with Anzen's investment strategy of focusing on operational, high-quality infrastructure assets with long-term tariff contracts to ensure stable distributions to unitholders.