The infrastructure investment trust Bharat Highways InvIT said on Thursday that its Rs 2,500 crore initial public offering (IPO) will take place on February 28.
The first public offering by the InvIT is scheduled to end on March 1st, and according to a release from Bharat Highways InvIT, the price range for the offering is Rs 98-100 per unit.
The project SPVs (special purpose entities) will get loans from the proceeds of the issue to help them pay back their existing debts.
An infrastructure investment trust called Bharat Highways InvIT was created to purchase, oversee, and invest in a portfolio of Indian infrastructure assets as well as to conduct infrastructure investment trust operations in accordance with Sebi’s InvIT regulation.
The company’s first portfolio comprises seven road assets located in Punjab, Gujarat, Andhra Pradesh, Maharashtra, and Uttar Pradesh. These assets operate on a hybrid annuity model (HAM) basis and span around 497.292 km of completed highways.
Qualified institutional bidders (QIBs) will receive about 75% of the issue amount, while non-institutional investors (NIIs) will receive the remaining 25%. Investors may place bids for a minimum of 150 units in a single lot, as well as for multiples of 150 units.
Axis Capital, HDFC Bank, IIFL Securities, and ICICI Securities are the issue’s book running lead managers.
