Ahead of its IPO opening, Aadharshila Infratech, the sponsor of Bharat Highways Infrastructure Investment Trust (InvIT), has injected Rs 664.5 crore into the InvIT.
The public issue is scheduled to open for subscription from February 28 to March 1.
According to Bharat Highways’ filing with exchanges, the InvIT offer committee of GR Highways Investment Manager, the investment manager of the InvIT, has finalized the allocation of 6,64,50,000 equity shares to Aadharshila Infratech at a price of Rs 100 per unit.
In compliance with SEBI InvIT regulations, the Sponsor and Sponsor Group are mandated to collectively hold a minimum of 15 percent of the units on a post-issue basis for at least three years from the date of listing. While Bharat Highways InvIT aims to raise Rs 2,500 crore through its IPO, Rs 664.5 crore has already been secured from the sponsor. Therefore, the net issue size stands at Rs 1,835.5 crore.
Of this, 75 percent of the net issue size, amounting to Rs 1,376.63 crore, has been reserved for institutional investors, with the remaining 25 percent allocated for non-institutional investors.
Additionally, up to 60 percent of the institutional investors’ portion, equivalent to Rs 826 crore, may be assigned to anchor investors. The anchor book was opened for one day on February 27, a day before the IPO commenced.
The IPO price band has been set at Rs 98-100 per unit, with investors allowed to bid for a minimum of 150 units and in multiples of 150 units thereafter.
Proceeds from the net issue will primarily be utilized for extending loans to the project SPVs (special purpose vehicles) to repay their existing loans and for general corporate purposes.
ICICI Securities, Axis Capital, HDFC Bank, and IIFL Securities are acting as merchant bankers for the issue.
