Reliance Infrastructure InvIT Fund, an infrastructure investment fund, has filed the draft offer documents with the Securities and Exchange Board of India (SEBI). The proposed issue size is Rs. 3,000 crore with an option to retain over-subscription up to 25 per cent, the fund said in an exchange filing.

InvITs are trusts, with units issued to investors much like by a mutual fund, that manage income-generating infrastructure assets. SEBI recently rewrote the guidelines for this instrument to allow developers to cash in on capital stuck in completed projects or to repay the debt associated with them.

Reliance Infrastructure Limited (RInfra) is the sponsor of RInfra InvIT which will carry out the activities as an InvIT, subject to the conditions and regulations specified under the SEBI (Infrastructure Investment Trusts) Regulations, 2014. RInfra InvIT will own 10 Toll Road Assets of RInfra connecting major urban centres, with an option to acquire further assets in future. The road assets extend to approximately 770 km across 5 states with long concession periods.

Reliance Nippon Life Asset Management Ltd is the investment manager to the InvIT Fund. Axis Capital, DSP Merrill Lynch, UBS Securities are acting as global coordinators and book running lead managers. SBI Capital Markets and Yes Securities are acting as book running lead managers.

Earlier this month, Anil Agarwal-promoted Sterlite Power Transmission submitted its offer documents with SEBI to raise Rs 2,650 crore through InvITs. MEP Infra and IL&FS are also planning to raise debt financing through this route.

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