IndiGrid Infrastructure Trust has submitted its quarterly compliance report on corporate governance for Q3 FY2026 to the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE). The report, filed on January 20, 2026, covers the quarter ended December 31, 2025, and demonstrates the trust's adherence to regulatory requirements under SEBI (Infrastructure Investment Trusts) Regulations, 2014.

Board Composition and Leadership Structure

The Investment Manager, IndiGrid Investment Managers Limited, maintains a well-structured board comprising six directors. The board includes three independent directors and three non-independent directors, ensuring balanced governance oversight.

Mr. Tarun Kataria, serving as an independent director since October 29, 2016, brings significant tenure with 110.03 months of experience. Ms. Jayashree Vaidhyanathan holds multiple committee positions across various entities, demonstrating extensive governance expertise.

Committee Framework and Operations

The Investment Manager has established seven specialized committees to ensure comprehensive governance oversight. Each committee operates with clearly defined roles and maintains appropriate independence requirements.

Board and Committee Meeting Activity

During Q3 FY2026, the Investment Manager conducted regular board meetings to address governance and operational matters. The board held four meetings during the quarter on October 10, 2025, November 7, 2025, November 11, 2025, and December 8, 2025.

Committee meetings were held as required, with the Audit Committee being particularly active with three meetings during the quarter. The Investment Committee also maintained regular oversight with four meetings, while other committees met based on their specific mandates and requirements.

Regulatory Compliance Status

The compliance report confirms full adherence to SEBI InvIT regulations across all governance parameters. Key compliance affirmations include:

• Board composition meets SEBI InvIT regulatory requirements
• All committee compositions, roles, and terms of reference comply with regulations
• Committee members are fully aware of their powers and responsibilities
• Board and committee meetings conducted according to prescribed procedures
• Previous quarter's compliance report was presented to the board without adverse observations

Administrative Details

Urmil Shah, serving as Company Secretary and Compliance Officer (ACS-23423), signed the compliance report. The report was copied to Axis Trustee Services Limited, which serves as the trustee for IndiGrid Infrastructure Trust. The Investment Manager maintains its registered office in Mumbai and operates under CIN U28113MH2010PLC308857.

The comprehensive governance framework demonstrates IndiGrid Infrastructure Trust's commitment to maintaining high standards of corporate governance and regulatory compliance in its operations as an infrastructure investment trust.

IndiGrid Infrastructure Trust has initiated a qualified institutional placement (QIP) on Tuesday, January 20, to raise capital for its expansion plans. The infrastructure investment trust is targeting funds of up to ₹1,500 crore through this institutional share sale.

QIP Structure and Pricing Details

The qualified institutional placement has been structured with flexibility to accommodate market conditions and investor demand:

The floor price of ₹167.42 per unit represents a premium compared to Monday's closing price, according to IndiGrid's exchange filing. This pricing strategy reflects confidence in the company's growth prospects and asset quality.

Lock-up Provisions for Key Stakeholders

The QIP includes specific lock-up arrangements for different categories of stakeholders to ensure stability post-allotment:

• Investment Manager and Trustee: 90-day lock-up period from allotment
• Sponsor: 60-day lock-up period from allotment

These provisions are designed to demonstrate commitment from key stakeholders and provide confidence to institutional investors participating in the placement.

Recent Strategic Acquisition

Last month, IndiGrid Infrastructure Trust announced the acquisition of Gadag Transmission Ltd for an enterprise value of approximately ₹372 crore, excluding net working capital and cash adjustments. This acquisition represents a significant expansion of the company's transmission infrastructure portfolio.

Gadag Transmission operates as an inter-state transmission system project and forms the first phase of transmission infrastructure planned to evacuate nearly 2,500 MW of solar power from the Gadag Solar Energy Zone in Karnataka.

Financial Impact and Funding Strategy

The acquisition is being funded through a diversified approach combining multiple sources:

• Equity funding
• Internal accruals
• Debt financing

Post-acquisition, IndiGrid's net debt to assets under management (AUM) ratio will reach 60.5%, which management indicates leaves adequate headroom for future growth opportunities. This conservative leverage approach maintains financial flexibility while supporting expansion plans.

Market Performance

IndiGrid Infrastructure Trust shares concluded the previous trading session with a decline of 0.9%, closing at ₹164.11 per unit. Despite the recent session's performance, the stock has demonstrated strong annual performance with gains of 13.3% over the past year, reflecting investor confidence in the infrastructure investment trust's business model and growth strategy.