I wanted to take look at the projections of toll collection from these 3 acquired assets, from filed reports. and here is a table that I have put together. It is a steady 9-10% growth from prior year. Barring big disruptions, at least toll revenue is on a decent uptick from the 3 acquired assets is my quick conclusion..anything can ofcourse change/derail traffic esp with global oil crisis, price hikes of petrol/diesel and so …
if voting ‘no’ is a serious enough conclusion, we have to rally a lot of folks to really get it going
the unfortunate reality is that the PF has to grow (so as to increase the AUM and longevity. In the case of previous 3 acquisitions it was getting desperate since they had to find a replacement asset for the Omalur-salem, ending in Jan’27. It was otherwise, looking like those finite end invits e.g Energy invit) but without diluting the DPU. This is where the fair value question comes into play. One reality is that the competition to open bids is very intense (30 plus bidders normally wrestle it out) and hence the sure shot way is from the promoter and/or private invit but at fare valuation. And fare valuation is a big question mark and I feel that if IRB invit had bid and got them at the open lot, then I don’t think it will be at prices, they paid…but this where, the fine print comes in…I want it to be at fare valuation and DPU accretive.
In the end, I want to vote yes but not blindfold - DPU accretive is my ask
