Bharat Highways Invit; an Infrastructure investment trust was set up in August 2022 to obtain 100% stake in GR Infrastructure Ltd’s each of Project SPVs including GDDHPL wherein 49% stake is to be acquired according to the Invit’s proposal. As per the DHRP submitted with the market regulator Bharat Highways InvIT (infrastructure investment trust) would issue units amounting up to INR 2,000 crores.
Bharat Highways Invit; an Infrastructure investment trust has submitted a draft red herring prospectus(DHRP) with the capital markets regulator Securities and Exchange Board of India to raise at least Rs 2,000 crore via an initial public offering (IPO). According to the DHRP submitted with the regulator; the proceeds of the issue will be used to repay debts secured by SPVs (special purpose vehicles) and for general corporate expenses.
These special purpose vehicles include the names of-: Porbandar-Dwarka Expressway, Varanasi-Sangam Expressway, GR Akkalkot-Solapur Highway, and GR Phagwara Expressway, etc.
Bharat Highways Invit; an Infrastructure investment trust was set up in August 2022 to obtain 100% stake in GR Infrastructure Ltd’s each of Project SPVs including GDDHPL wherein 49% stake is to be acquired according to the Invit’s proposal. As per the DHRP submitted with the market regulator Bharat Highways InvIT (infrastructure investment trust) would issue units amounting up to INR 2,000 crores.
The public offering would be made available through the book-building process wherein 75% of the issue will be made available to the institutional investors and the remaining 25% to the non-institutional investors. Lokesh Builders Pvt Ltd, a subsidiary of the GR will subscribe to 15% of the total post-issue unit capital of the InvIT in order to comply with the sponsor lock-in requirements; after which the total issue size will diminish. Book running managers for the issue are ICICI Securities, Axis Capital, HDFC Bank, and IIFL Securities.
