Comments
India's IndInfravit Trust will launch a Rs 3,200 crore ($487 million) private placement of new units on Thursday, IFR reported, citing a deal term sheet. A total of 323 million units - 279 million primary and 44 million secondary - will be sold at a fixed price of Rs 100 each, or an annual implied rate of return of 12 per cent, IFR, a Thomson Reuters publication, said.
L&T Infrastructure Development Projects Ltd (L&T IDPL) is the sponsor of the trust and also the vendor of the secondary units. Books will close on May 4 and listing on the local stock exchanges will take place on May 10, IFR said, adding Citigroup and ICICI Securities are the lead managers to the issue.
A spokesman for Larsen & Toubro (L&T), India's biggest engineering company and L&T IDPL's parent, did not immediately respond to an emailed request for comment. The infrastructure investment trust (InvIT) comprising road assets will be the first in India to list through a private placement.
IRB InvIT Fund and India Grid Trust are the only two other listed InvITs in India. Both are still trading below prices of their 2017 IPOs.
Comments
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.