The Ministry of Road Transport & Highways (MoRTH) said on Wednesday that National Highways Infra Trust (NHAI InvIT) raised ₹1,430 crore from domestic and international investors through placement of its units, for part funding acquisition of three additional road projects from NHAI.

NHAI InvIT is sponsored by the National Highway Authority of India (NHAI).

“The units have been subscribed by a gamut of institutional investors including Canada Pension Plan Investment Board, Ontario Teachers’ Pension Plan Board, State Bank of India, SBI Pension Fund, SBI Mutual Fund, IOCL Employee Provident Fund, L&T Staff Provident Fund, Rajasthan Rajya Vidyut Karamchari Pension Fund, TATA AIG and Star Union Daiichi Life Insurance,” MoRTH said in a statement.

Preferential allotment

NHAI subscribed to the units through preferential allotment to maintain its unit holding of at least 15 per cent. The units were subscribed through a book build process at ₹109 per unit, at a premium over floor price of ₹107.12 per unit, it added.

Besides, the NHAI InvIT also filed a prospectus with SEBI for issuance of Non-Convertible Debentures (NCDs) to raise ₹1,500 crore. The NCDs would carry a coupon of 7.90 per cent payable semi-annually and would be available for subscription by both retail and institutional investors.

Launched in November 2021, NHAI InvIT had raised ₹8,011 crore for NHAI in its maiden round, with an initial portfolio of five operating toll roads of aggregate length of 390 km.

With the acquisition of three additional road projects, NHAI InvIT will own, operate and maintain a portfolio of eight operating toll roads with an aggregate length of 636 km spread across the States of Gujarat, Karnataka, Maharashtra, Madhya Pradesh, Rajasthan, Telangana and Uttar Pradesh, with concession period ranging between 20 to 30 years.

Published on October 12, 2022