The initial public offering of Bharat Highways Infrastructure Investment Trust (InvIT) shall open for subscription on Wednesday, February 28 and the issue can be subscribed till Friday, March 1. The price band for the issue has been fixed at Rs 98-100 apiece with a lot size of 150 units and its multiples thereafter.
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Bharat Highways Infrastructure Investment is an infrastructure investment trust established to acquire, manage, and invest in a portfolio of infrastructure assets in India. The Trust is authorized to carry on the activities of an infrastructure investment trust under the SEBI InvIT Regulations.
Bharat Highways InvIT is looking to raise a total of Rs 2,500 crore via its IPO, which is entirely a sale of fresh 25 crore units. This includes a sponsor contribution of Rs 664.5 crore by Aadharshila Infratech, while IDBI Trusteeship Services is the trustee for the issue.
Not more than 75 per cent of the offer size has been reserved for the qualified institutional bidders (QIBs), while non-institutional investors (NIIs) will get not less than 25 per cent of the issue. Minimum bid size for bidders other than anchor investors is Rs 14,700 at the lower end of the price band, while on the upper end it is Rs 15,000.
The net proceeds from the issue shall be utilized towards providing loans to the Project SPVs for repayment/ pre-payment, in part or in full, of their respective outstanding loans and general purposes. Anchor book for the issue to open on Tuesday, February 27.
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Its portfolio consists of seven roads, all of which are operated on a HAM basis in Punjab, Gujarat, Andhra Pradesh, Maharashtra, and Uttar Pradesh. These roads are operated and maintained based on concession rights granted by the NHAI and are owned and operated by the Project SPVs, which are currently wholly owned by GR Infra.
For the period ended on September, the InvIT reported a profit after tax at Rs 101.35 crore, with a revenue of Rs 388.54 crore, while its bottomline came in at Rs 527.05 crore with a revenue of Rs 1,537.47 crore for the financial year ended on March 31, 2023.
InvIT has also entered into a ROFO agreement with GR Infra under which GR Infra has granted InvIT a right of first refusal over certain other assets owned and being developed by GR Infra. It has been assigned a rating of CRISIL AAA/Stable (Reaffirmed) from Crisil Ratings, a provisional rating of CARE AAA, Stable from CARE Ratings and a provisional rating of IND AAA/Stable from India Ratings and Research.
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ICICI Securities, Axis Bank, HDFC Bank and IIFL Securities are the book running lead managers of the Bharat Highways InvIT IPO, while Kfin Technologies is the registrar for the issue. Listing of units is likely to be done on Wednesday, March 6 on both BSE and NSE.
