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NHAI files papers with Sebi for InvIT and plans to raise 5100 cr




NEW DELHI : The National Highways Authority of India (NHAI) on Monday filed draft documents with the market regulator Sebi for the creation of an infrastructure investment fund (InVIT) through which it seeks to raise 5,100 crore.

InvITs are mutual fund model instruments and are designed to pool small amounts of money from a number of investors to invest in assets that provide cash flow over a period of time. time.

NHAI plans to mop up a total of 5,100 crore from a new issue, according to draft documents filed with the Securities and Exchange Board of India (Sebi).

In addition, there would be an offer to sell (OFS). However, the amount of the OFS was not specified in the draft documents.

It is proposed that the units be listed on the National Stock Exchange and the BSE.

ICICI Securities, Kotak Mahindra Capital Company and SBI Capital Markets have been appointed as investment bankers for the issue.

In December 2019, the Cabinet du Syndicat nodded to the NHAI to set up an InvIT and monetize national highway projects.

The move was intended to allow NHAI to monetize completed national roads that have a toll collection history of at least one year and it reserves the right to collect tolls on the identified highway.

In January of this year, the state-owned Power Grid Corporation of India filed draft documents with Sebi for the launch of an InVIT through which it sought to collect more 5000 crore.

While Sebi first notified regulation of InVIT and REIT (Real Estate Investment Trusts) in 2014, only a few of these funds have listed their units in the country so far.

The regulator has extended various eases for listing these trusts which are popular in some advanced markets.

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