MEP Infrastructure Developers is planning to raise ₹1,200-1,600 crore through Infrastructure Investment Trust (InvIT), with the firm looking to file the initial papers within a month.
The Mumbai-based company will join a host of infrastructure firms that plans to raise over ₹15,000 crore in the next three-four months.
“We are awaiting certain approvals from the authorities, and as soon as we get them, we will file the draft papers.
“This could be within a month from now.
“The company’s total consolidated debt stands at about ₹3,000 crore and under the guidelines we are expected to retire about 51 per cent of the debt of the assets parked under InvIT,” MEP Vice-Chairman & MD Jayant D Mhaiskar told BusinessLine in an interaction. “So, we expect the InvIT size to be between ₹1,200-1,600 crore,” he said. The company is expected to file draft red herring prospectus (DRHP) in 30 days.
Mhaiskar also said that a couple of Canadian and US pension funds have evinced interest in investing in the InvIT.
As of date, MEP has completed 111 projects, with a total of 210 toll plazas and 1,303 lanes. The company currently has 12 operational projects (25 toll plazas) in seven States.
Gaining wingsA number of firms including IRB Infrastructure, Sterlite Power Transmission, IL&FS Transportation Networks and Reliance Infrastructure are close to launching InvITs and are in various stages of filing the papers.