Bharat Highways Infrastructure Investment Trust (InvIT) has garnered Rs 825.97 crore from several anchor investors on February 27, a day prior to the IPO opening.
The infrastructure investment trust, which acquires, manages and invests in a portfolio of infrastructure assets in India is going to open its initial public offering for subscription on February 28. The issue will close on March 1.
Asset management companies like ICICI Prudential Mutual Fund, HDFC Mutual Fund, Kotak Mutual Fund, Quant Mutual Fund, Nippon Life India, Axis Mutual Fund, Aditya Birla Sun Life Trustee, UTI Mutual Fund, Baroda BNP Paribas MF and DSP Mutual Fund were some of the anchor investors in the IPO.
Among others, Societe Generale, Copthall Mauritius Investment, HDFC Life Insurance Company, Max Life Insurance Company, Reliance General Insurance Company, Alpha Alternatives MSAR, and CIM Investment Fund ICAV also invested in the infrastructure investment trust that has a portfolio of seven road assets, which all are operating on HAM basis, in Punjab, Gujarat, Andhra Pradesh, Maharashtra and Uttar Pradesh.
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GR Highways Investment Manager, the investment manager of the InvIT, has finalised the allocation of 8,25,97,350 units to anchor investors for Rs 100 per unit.
Meanwhile, on February 26, Bharat Highways Infrastructure Investment Trust already raised Rs 664.5 crore from Aadharshila Infratech, the sponsor of InvIT, by allocating 6,64,50,000 equity shares, for Rs 100 per unit.
Bharat Highways InvIT intends to mobilise Rs 2,500 crore through its IPO, comprising only a fresh issue component. The price band for the IPO has been fixed at Rs 98-100 per unit.
The infrastructure investment trust will utilise the net issue proceeds for providing loans to the project SPVs (special purpose vehicles) for repaying their outstanding loans, and general purposes.
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The portfolio of seven road assets is operated and maintained under concession rights granted by the NHAI. These assets are owned and operated by the project SPVs, which are currently wholly owned by G R Infraprojects (GRIL).
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