The ₹2,500-crore initial public offering of Bharat Highways InvIT will open for subscription today and conclude on March 1. The price band has been fixed at ₹98-100 per unit and the market lot is 150 units.
Bharat Highways InvIT is an infrastructure investment trust established to acquire, manage, and invest in a portfolio of infrastructure assets in India, and to carry on the activities of an infrastructure investment trust under SEBI’s InvIT rule.
Its initial portfolio consists of seven road assets, all operating on HAM (Hybrid Annuity Model) basis, in Punjab, Gujarat, Andhra Pradesh, Maharashtra, and Uttar Pradesh consisting of about 497.292 km of constructed and operational roads.
Up to 75 per cent of the issue size has been reserved for qualified institutional buyers and 25 per cent for non-institutional investors.
Ahead of issue opening, Bharat Highways InvIT on Tuesday mopped up ₹825.97 crore from anchor investors. The InvIT has allotted 8.26 crore units to 37 funds at ₹100 apiece.
Among the marquee investors are Copthall Mauritius Investment Ltd, Societe Generale, ICICI Prudential Mutual Fund, HDFC Mutual Fund, UTI Mutual Fund, Axis Mutual Fund, Reliance General Insurance Company and Max Life Insurance Co Ltd.
Proceeds from the issue will be utilised to provide loans to the project SPVs (Special Purpose Vehicles) for repayment of their outstanding loans.
ICICI Securities, Axis Capital, HDFC Bank, and IIFL Securities are the book-running lead managers to the issue.