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Bharat Highways InvIT will be listing its units and raising ₹2,500 crore in an initial public offer. The price band for the issue is set to be announced on Thursday.
The InvIT has been sponsored by Aadharshila Infratech and the funds raised would be mostly used to provide loans to project special purpose vehicles for repayment of their outstanding loans.
The InvIT has seven road assets in the Punjab, Gujarat, Andhra Pradesh, Maharashtra, and Uttar Pradesh. All the projects are Hybrid Annuity Model projects awarded to it by the National Highways Authority of India. The assets are owned and operated by individual projects SPVs that are currently wholly owned by GR Infraprojects.
The InvIT has a right of first offer agreement with GR Infraprojects to acquire some other assets owned by it. GR Infra has 23 additional road assets and under the terms of the ROFO agreement the InvIT has the first right on those assets as well as any other road assets that the company may acquire in the future.
The revenue from the seven road projects for the six months to September 30, 2023, amounted to ₹368 crore, while in FY23 it was ₹1,510 crore.
The book running lead managers to the issue are ICICI Securities, Axis Capital, IIFL Securities and HDFC Bank.
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