Bharat Highways InvIT IPO: Sponsor Aadharshila Infratech invests Rs 664.5 crore

Bharat Highways Infrastructure Investment Trust IPO opens on February 28

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26 Aug, 2025 12:21

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Aadharshila Infratech, the sponsor of Bharat Highways Infrastructure Investment Trust (InvIT), has invested Rs 664.5 crore in the InvIT ahead of its IPO opening.

The public issue will open for subscription on February 28 and close on March 1.

Bharat Highways in its filing to exchanges said the InvIT offer committee of GR Highways Investment Manager, the investment manager of the InvIT, on February 26, has finalised allocation of 6,64,50,000 equity shares to Aadharshila Infratech, at a price of Rs 100 per unit.

Under the SEBI InvIT regulations, the Sponsor and Sponsor Group are collectively required to hold a minimum of 15 percent of the units on a post-issue basis for minimum three years from the date of listing.

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Bharat Highways InvIT is planning to raise Rs 2,500 crore through its initial public offering, of which Rs 664.5 crore has already been raised from the sponsor. The IPO size less is than the sponsor portion i.e. Rs 1,835.5 crore is the net issue.

Now, 75 percent of the net issue size (i.e. Rs 1,376.63 crore) has been reserved for institutional investors and the remaining 25 percent is set aside for non-institutional investors.

Further, 60 percent of institutional investors' portion (i.e. Rs 826 crore) may be allocated to anchor investors. The anchor book has already been opened for a day on February 27, a day before the IPO opening.

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"Not more than 75 percent of the net issue shall be available for allocation on a proportionate basis to institutional investors, provided that the investment manager may, in consultation with the lead managers, allocate up to 60 percent of the institutional investor portion to anchor investors on a discretionary basis," the company said in its prospectus.

The price band for the IPO has been fixed at Rs 98-100 per unit. Investors can bid for a minimum of 150 units and in multiples of 150 units thereafter.

Bharat Highways InvIT will utilise the net issue proceeds for providing loans to the project SPVs (special purpose vehicles) for repaying their outstanding loans, and general purposes.

ICICI Securities, Axis Capital, HDFC Bank, and IIFL Securities are the merchant bankers to the issue.