MEP Infra to raise up to ₹1,600 cr via InvIT

Rajesh Kurup Mumbai | Updated on January 15, 2018 Published on April 11, 2017

Plans to file draft papers within a month

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 wings

A 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.

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Published on April 11, 2017
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