Bharat Highways InvIT to float Rs 2,500 crore IPO on Feb 28

Bharat Highways InvIT to float Rs 2,500 crore IPO on Feb 28

AgenciesUpdated: Thursday, February 22, 2024, 04:58 PM IST
article-image
Amit Kumar Singh, CEO, GHIM and Mr. Harshael Sawant, CFO, GHIM at Bharat Highway InvIT IPO at Mumbai |

Bharat Highways InvIT, an infrastructure investment trust, on Thursday said it will launch its Rs 2,500 crore Initial Public Offering (IPO) on February 28.

The InvIT's maiden public issue will conclude on March 1 and the price band has been set at Rs 98-100 per unit for the issue, Bharat Highways InvIT said in a statement.

Proceeds from the issue will be utilised to provide loans to the Project SPVs (special purpose vehicles) for repayment of their outstanding loans.

Bharat Highways InvIT is an infrastructure investment trust established to acquire, manage, and invest in a portfolio of infrastructure assets in India and to carry on the activities of an infrastructure investment trust under Sebi's InvIT rule.

Its initial portfolio consists of seven road assets, all operating on HAM (Hybrid Annuity Model) basis, in Punjab, Gujarat, Andhra Pradesh, Maharashtra, and Uttar Pradesh consisting of about 497.292 km of constructed and operational roads.

Additionally, the InvIT has entered into an agreement with G R Infraprojects Ltd (GRIL) after which GRIL granted a right of first offer to the InvIT to acquire certain of its road assets.

About 75 per cent of the issue size has been reserved for Qualified Institutional Bidders (QIBs) and 25 per cent for Non-institutional Investors (NIIs). Investors can bid for a minimum of 150 units in one lot and in multiples of 150 units thereof.

ICICI Securities, Axis Capital, HDFC Bank, and IIFL Securities are the book running lead managers to the issue.

The units are proposed to be listed on BSE and NSE.

RECENT STORIES

Entertainment Extravaganza: Inside Spottoday and Post Babe - WideEyes Digital's Instagram Marvels

Entertainment Extravaganza: Inside Spottoday and Post Babe - WideEyes Digital's Instagram Marvels

Mumbai: Micro Markets Redefining Real Estate Market

Mumbai: Micro Markets Redefining Real Estate Market

2024 Maruti Dzire Set to Debut During Festive Season

2024 Maruti Dzire Set to Debut During Festive Season

Bengaluru International Airport Records Highest Passenger Traffic In Financial Year 2023-24

Bengaluru International Airport Records Highest Passenger Traffic In Financial Year 2023-24

Mahindra Introduces Bolero Neo+ in India, Starting at Rs 11.39 Lakh

Mahindra Introduces Bolero Neo+ in India, Starting at Rs 11.39 Lakh