Bharat Highways Infrastructure Investment Trust (InvIT), which operates as an infrastructure investment trust and is authorized under the SEBI InvIT Regulations is launching its initial public offering (IPO) on February 28, 2024.
Issue Details:
The IPO is a book-built issue with a total size of ₹2,500.00 crores.
It consists entirely of a fresh issue of 25 crore shares.
The subscription for the Bharat Highways InvIT IPO opened on February 28, 2024, and it will close on March 1, 2024.
The allotment for this IPO is expected to be finalized on Monday, March 4, 2024.
The listing date on the BSE and NSE is tentatively set for Wednesday, March 6, 2024.
Price Band:
The price band for the Bharat Highways InvIT IPO is set at ₹98 to ₹100 per share.
The minimum lot size for an application is 150 shares.
Retail investors need a minimum investment of ₹15,000.
Lead Managers and Registrar:
The book-running lead managers for the IPO are ICICI Securities Limited, Axis Bank Limited, HDFC Bank Limited, and IIFL Securities Ltd. The registrar for the issue is Kfin Technologies Limited.
Reservation:
QIBs: Not more than 75% of the offer size.
NII (HNI): Not less than 25% of the net issue.
About the InvIT: The InvIT is sponsored by IRB Infrastructure Developers Limited, which is one of the largest private roads and highways infrastructure developers in India.
The InvIT's portfolio consists of six operational toll road assets, with a total length of approximately 3,000 lane kilometers across five states in India.
The InvIT's assets generate stable cash flows, and the proceeds from the IPO will be used to repay debt and acquire additional assets.
The InvIT has received a credit rating of AAA (Stable) from CRISIL, indicating a high degree of safety regarding timely servicing of financial obligations.
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