IRB Infrastructure Trust has become the first Private InvIT listed on the National Stock Exchange, after SEBI’s listing framework for non-listed InvITs came into force from June last.

The valuation of the trust units was determined based on third-party evaluation and further endorsed by the Trust’s investors as well. The value ascertained comes to around 16 times FY24 revenue, which will further keep appreciating with more projects coming in.

MMK Toll Road Pvt. Ltd, an Investment Manager to the Trust, on March 22, approved the listing of Units of the Trust on NSE.

Virendra D. Mhaiskar, Chairman of the IRB Infrastructure Trust, and Chairman and Managing Director of the Sponsors IRB Infrastructure Developers Ltd, said: “The idea behind this (listing) was to have better disclosure norms and bring in more transparency.”

Enterprise value

In the last four years, the project portfolio of the Trust has achieved a size of almost ₹27,000-crore enterprise value with balance concession life of 18+ years, he said. “This development platform of IRB with marque investor like GIC — sovereign wealth fund of Singapore — will create immense value for the whole IRB group and provide strong growth potential going forward,” he added.

IRB Infrastructure Developers Ltd, sponsors of IRB Infrastructure Trust, holds 51 per cent in the InvIT and the rest is held by GIC affiliates.

The Trust has acquired 10 BOT road assets with 6,275 Lane km, in Maharashtra, Gujarat, Rajasthan, Goa, Karnataka, Haryana, Uttar Pradesh and West Bengal, which are being managed in pursuant to concessions granted by the National Highways Authority of India. The projects under the Trust have concessions varying from 17 to 29 years.

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