Unitholders of Powergrid Infrastructure Investment Trust have approved the appointment of a valuer for the fiscal years 2026-27 and 2027-28. The resolution was passed via postal ballot on August 25, 2026.

The approval received 99.97% support from votes polled, with only 86,127 votes cast against the proposal out of over 308 million votes recorded. The voting process concluded on August 24, 2026, following a remote e-voting period that began on August 4, 2026.

Voting Breakdown

The sponsor and sponsor group, holding 136.5 million units, participated fully in the e-voting process, casting all their votes in favor of the resolution. Public institutional investors also showed strong support, with 79.8% of their outstanding units voting in favor.

Scrutinizer Report

Arvind Kohli & Associates served as the independent scrutinizer for the remote e-voting process. The firm confirmed that the voting complied with Regulation 22(2)(b) of the SEBI (Infrastructure Investment Trusts) Regulations, 2014. The notice for the postal ballot was issued on August 3, 2026, to unitholders registered as of July 31, 2026.

What the Numbers Show

The divergence in participation rates between investor categories is notable. While the sponsor group and public institutions showed high engagement—with 100% and 79.8% participation respectively—public non-institutional investors had a participation rate of just 0.58%. Despite this low turnout from retail and small non-institutional holders, their votes did not alter the outcome, as the resolution secured overwhelming support from larger stakeholders.

Powergrid Infrastructure Investment Trust has published newspaper advertisements for its Notice of Postal Ballot, seeking unitholder approval to appoint M/s. IndiaAppraisers.com Pvt. Ltd (IAPL) as its independent valuer. The trust requires this mandate to comply with Securities and Exchange Board of India (SEBI) regulations following the completion of the previous valuer’s maximum tenure. Unitholders holding units as of the July 31, 2026 cut-off date are eligible to vote via remote e-voting, with the window open from August 4, 2026, at 9:00 A.M. (IST) until August 24, 2026, at 5:00 P.M. (IST). This appointment is critical as it determines the valuation partner responsible for assessing the trust’s Special Purpose Vehicles (SPVs) and assets for FY27 and FY28.

The appointment process was triggered by Regulation 21(9) of the SEBI (Infrastructure Investment Trusts) Regulations, 2014, which mandates that a valuer cannot undertake valuation for the same project for more than four consecutive years. M/s INMACS Valuers Private Limited served as the valuer from FY23 to FY26. Following a bidding process and recommendation from the Audit Committee on July 28, 2026, the Board of Directors of Powergrid Unchahar Transmission Limited, the investment manager, approved IAPL’s appointment subject to unitholder consent. The resolution requires a simple majority for passage.

The remuneration structure for IAPL is fixed per SPV instance and varies by valuation frequency. The fees are inclusive of all charges except applicable Goods and Services Tax (GST), which will be billed separately.

IAPL, registered with the Insolvency and Bankruptcy Board of India (IBBI) under number IBBI/RV-E/07/2020/129, is authorized to conduct valuations across land and building, plant and machinery, and securities or financial assets. The firm brings over three decades of experience in providing independent valuation opinions. The voting rights are proportional to the units held in the PGInvIT unit capital as of the cut-off date. Unitholders may cast their votes via the depositories’ e-voting systems or directly through KFin Technologies Limited’s platform.

Procedural Details and Voting Mechanism

The postal ballot is being conducted pursuant to Regulations 22 and 23 of the InvIT Regulations and SEBI Master Circular No. SEBI/HO/DDHS-PoD-2/P/CIR/2025/102 dated July 11, 2025. CS Arvind Kohli of M/s. Arvind Kohli & Associates has been appointed as the scrutinizer to ensure a fair and transparent voting process. The scrutinizer will submit the final report to the Chairman of the Investment Manager after the voting period closes. The results will be announced on or before August 26, 2026, and filed with the National Stock Exchange of India Limited and BSE Limited. Additionally, the results will be published on the PGInvIT website and the KFin Technologies e-voting portal.

Unitholders are advised that once a vote is cast, it cannot be modified. Institutional unitholders must submit scanned copies of board resolutions or authority letters along with attested specimen signatures to the scrutinizer via email. For technical assistance with e-voting, unitholders can contact KFin Technologies at 1800-309-4001 or refer to the help manuals available on the e-voting website. The notice confirms that no directors or key managerial personnel of the investment manager have any interest in the proposed resolution.