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May 03, 2017 08:43 AM IST | Source: Moneycontrol.com

Ahead of IPO, IRB InvIT Fund raises Rs 2,100 crore from anchor investors

The IRB Infrastructure Developers’ InvIT Fund has allotted 20.53 crore units on an average of Rs 102 to 28 anchor investors for a sum of Rs 2,094.50 crore, the company said in a statement.

Ahead of its initial public offer (IPO) on Wednesday, road developer IRB Infrastructure Developers’ InvIT fund raised nearly Rs 2,100 crore from anchor investors allotting nearly 20.53 crore units at Rs 102 apiece on Tuesday.

The IRB Infrastructure Developers’ InvIT Fund has allotted 20.53 crore units on an average of Rs 102 to 28 anchor investors for a sum of Rs 2,094.50 crore, the company said in a statement. Anchor investors include international and domestic investors such Government of Singapore, Deutsche Global Infrastructure Fund, Birla Sunlife Mutual Fund and HDFC Standard Life Insurance Company are among the anchor investors. Bajaj Consultants is the advisor to the trust for the issue

IRB InvIT Fund plans to raise Rs 5,033 crore from the IPO. The IPO, which opens on May 3, consists of a fresh issue of up to Rs 4,300 crore, offer for sale of up to Rs 355 crore and oversubscription of up to Rs 435 crore at the upper price band of Rs 102 per unit.

An InvIT, which is registered with the Securities and Exchange Board of India (SEBI) as a trust, allows individuals to invest in infrastructure projects. InvITs or infrastructure investment trusts are those debt instruments which will be traded in the market and can act as investment vehicles for the sponsors. The listing of instruments enable promoters of infrastructure to monetise completed assets and raise funds for other long-term projects.

IRB has bundled six of its operational road assets across Maharashtra, Gujarat, Rajasthan, Karnataka and Tamil Nadu.

IDFC Bank, Credit Suisse Securities and ICICI Securities are the lead managers to the issue, while Karvy Computershare is the register to the issue. The units are proposed to be listed on BSE and National Stock Exchange.
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