IRB InvIT Fund has launched a Qualified Institutions Placement (QIP) to raise Rs 1,800 crore, with an upsize option of up to Rs 2,000 crore, according to sources.
The indicative offer price has been set at Rs 63 per unit, reflecting a 3.1% discount from its current market price and 2% discount to SEBI floor price. Proceeds from the 100% primary unit issuance will be used for SPV acquisitions, debt repayment/prepayment and other purposes.
Pre-issue outstanding units stood at 128.16 crore units, while a 90-day lock-up period has been set for the sponsor and trust. Motilal Oswal, Kotak Mahindra Capital, CLSA India are bankers to the deal, sources said.
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The company recenlty acquired 100% equity share capital of Solapur Yedeshi Tollway Limited and CG Tollway Limited from IRB Infrastructure Trust. "The investment is expected to enhance the stability of the Trust's revenue streams, expand the size of its portfolio, and achieve geographical diversification," IRB Invit said in a exchange filing on September 22.
"The acquisition is anticipated to ensure long-term visibility and operational continuity by increasing the weighted average life of the Trust's assets. Over the lifetime of the InvIT, the acquisition is also expected to contribute to an increase in
the cumulative distribution per unit," it added.
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Solapur Yedeshi Tollway Limited was incorporated on January 10, 2014, for the implementation of the project of Four Laning of Solapur to Yedeshi section of NH-211 in Maharashtra under NHDP Phase IV on Design, Build, Finance, Operate and Transfer Toll basis.
CG Tollway Limited was incorporated on October 18, 2016, for the implementation of the project of Six Laning of Kishangarh Udaipur Ahmedabad Section near Gulabpura to the end of Chittorgarh Bypass of NH-79 in Rajasthan Package-2 on BOT (Toll) mode.
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