IndInfravit Trust ('the Trust') was set up by L&T Infrastructure Development Projects Limited (L&T IDPL) ('the Sponsor') on March 7, 2018, as an irrevocable trust under the provisions of the Indian Trusts Act, 1882. The Trust was registered as an infrastructure investment trust under the SEBI (InvIT) Regulations on March 15, 2018 having registration number IN/InvIT/17-18/0007. The Investment objectives of the Trust are to carry on the activities of, and to make investments, as an infrastructure investment trust, as permissible in terms of the applicable law. The Trust's initial portfolio of assets comprised of five toll road projects in the Indian states of Rajasthan, Karnataka, Tamil Nadu and Telangana. Subsequently, the Trust added another eight road assets in the states of Rajasthan, Karnataka, Telangana and Maharashtra. Out of these eight projects, six are NHAI projects and two are state projects. The Sponsor of the Trust, L&T Infrastructure Development Projects Limited (L&T IDPL), are among the pioneers of the Public Private Partnership (PPP) model of development in the infrastructure sector in India. Since its inception in 2001, the Company had completed landmark infrastructure projects across key sectors like Roads, Bridges, Transmission lines, Ports, Airports, Water Supply, Renewable Energy and Urban Infrastructure. Also, while L&T IDPL is the Project Manager (PM) for the initial portfolio of 5 assets, SIPL, is mandated to be the PM for the balance 8 assets. Further, the 8 project SPVs have entered into long-term fixed price contracts with SIPL for the provision of both Major Maintenance and Routine Maintenance services. LTIDPL IndvlT Services Limited continues as the Investment Manager for the Trust and delivers its services in terms of the Investment Management Agreement entered between the parties. During the year ended 31 March 2020, the Trust had raised Rs.2,92,355.05 Lakhs of primary capital through a preferential issue of units i.e., Cash of Rs. 2,19,922.04 Lakhs and issuance of units for share swap & loan swap of Rs. 72,433.01 Lakhs. The Trust issued and allotted 25,04,11,177 units at a price of Rs. 116.75 per unit as per the preferential guidelines issued by the SEBI as per the InvIT Regulations dated November 27, 2019. During the FY2020,the Trust had acquired 8 operating road assets from Sadbhav Infrastructure Projects Limited (SIPL) having a total length of 2,300 lane Kms. These projects are in the states of Karnataka, Rajasthan, Maharashtra and Telangana, which contribute significantly to the country's economic growth. The acquired portfolio has a mix of 6 toll and 2 annuity roads. The roads forming part of the portfolio have been operational, on an average, for over 6 years and has a healthy mix of passenger and commercial traffic. Against all odds, the Trust's financial performance during the previous year was noteworthy. The underlying projects did well and despite the toll suspension during the last one week of the financial year, due to the COVID 19 pandemic, the Trust almost achieved the targeted budgeted revenue for the year which is amounting to Rs. 1,017 Crore. During the year, the Trust had made distributions to the unit holders of Rs. 10.18 per unit. During the FY2021,the Trust achieved an actual revenue of Rs. 1,49,04.81 million. During the year, the Trust had made distributions to the unit holders of Rs. 2.1598 per unit