Making it the third in the series of Infrastructure Investment Trusts (InvITs) in the country, Reliance Infrastructure (RInfra) is planning to launch its InvIT in the first week of June.
RInfra, billionaire Anil Ambani group’s flagship company, is now looking to raise a revised ₹2,500 crore through its trust, RInfra InvIT Fund.
“The company is awaiting SEBI approval, and on its receipt it will launch the InvIT, which would be mostly likely in the first week of next month,” a source close to the development told
Earlier, RInfra CEO Lalit Jalan had also said the company was looking at a May-end or early-June launch. Initially, RInfra had proposed to raise about ₹3,000 crore through the InvIT, but slashed it to ₹2,500 crore by filing a revised DRHP. The company had first filed the draft regulation with the markets regulator in December.
RInfra had sought permission to transfer 100 per cent interest in 10 projects to InvIT, but NHAI approved 100 per cent in seven and 49 per cent in the remaining three. The company decided not to go ahead with the three projects, where it did not get 100 per cent approval.
The issue also has a greenshoe option to retain oversubscription of up to 25 per cent of the issue size.
This will be the third InvIT in the country following the successful launch of IRB InvIT and Sterlite Power Grid Ventures sponsored India Grid Trust.