NHAI InvIT raises funds through follow-on issuance indiabusinessport.com

NEW DELHI : The National Highways Infra Trust (NHIT), the infrastructure investment trust of the National Highways Authority of India (NHAI) has raised a sum of 1,430 crore from domestic and international investors through placement of its units, for part funding its acquisition of three additional road projects from NHAI, the Ministry of Road Transport & Highways said in a release

The placement of units with institutional investors, witnessed strong demand from both existing investors, who reposed their commitment by participating in the process, as well as new investors, it said.

The units have been subscribed by a gamut of institutional investors including Canada Pension Plan Investment Board, Ontario Teachers’ Pension Plan Board, State Bank of India, SBI Pension Fund, SBI Mutual Fund, IOCL Employee Provident Fund, L&T Staff Provident Fund, Rajasthan Rajya Vidyut Karamchari Pension Fund, TATA AIG and Star Union Daiichi Life Insurance, said the release.

“NHAI subscribed to the units through preferential allotment to maintain its unitholding of at least 15%. The units were subscribed through a book build process at INR 109 per unit, at a premium over floor price of INR 107.12 per unit,” the ministry said.


In addition to the above, NHAI InvIT has also filed prospectus with SEBI for issuance of Non-Convertible Debentures (NCDs) to raise 1,500 crore. The NCDs would carry a coupon of 7.90% payable semi-annually and would be available for subscription by both retail and institutional investors.

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