Bharat Highways Invit's Rs 25 bn IPO launches on Feb 28
ROADS & HIGHWAYS

Bharat Highways Invit's Rs 25 bn IPO launches on Feb 28

The opening date for subscription to the Bharat Highways InvIT IPO is set for February 28, with the closing date on March 1. The company aims to raise Rs 25 billion, marking the highest fundraising in 2024 so far. The book-running lead managers for the issue include ICICI Securities, Axis Capital, HDFC Bank, and IIFL Securities.

The infra-investment trust had submitted draft papers for the IPO in December of the previous year and obtained approval earlier this year. The net proceeds from the IPO will be utilised by the company to extend loans to the Project SPVs (special purpose vehicles) for the repayment of outstanding loans, which include any accrued interest and prepayment penalty. The remaining funds will be allocated for general corporate purposes. As of February 1, 2024, the Project SPVs had an outstanding external borrowing of Rs 35.68 billion.

Prior to the IPO, GR Infraprojects engaged in a share purchase agreement (SPA) with Bharat Highways InvIT. This agreement involved the complete divestment of its investment in the equity shares of seven wholly-owned subsidiary companies. The names of these subsidiaries are GR Phagwara Expressway, Porbandar Dwarka Expressway, Varanasi Sangam Expressway, GR Akkalkot Solapur Highway, GR Sangli Solapur Highway, GR Gundugolanu Devarapalli Highway, and GR Dwarka Devariya Highway.

Bharat Highways InvIT operates as an infrastructure investment trust with the purpose of acquiring, managing, and investing in a portfolio of infrastructure assets in India. It conducts its activities as per the SEBI InvIT Regulations.

The opening date for subscription to the Bharat Highways InvIT IPO is set for February 28, with the closing date on March 1. The company aims to raise Rs 25 billion, marking the highest fundraising in 2024 so far. The book-running lead managers for the issue include ICICI Securities, Axis Capital, HDFC Bank, and IIFL Securities. The infra-investment trust had submitted draft papers for the IPO in December of the previous year and obtained approval earlier this year. The net proceeds from the IPO will be utilised by the company to extend loans to the Project SPVs (special purpose vehicles) for the repayment of outstanding loans, which include any accrued interest and prepayment penalty. The remaining funds will be allocated for general corporate purposes. As of February 1, 2024, the Project SPVs had an outstanding external borrowing of Rs 35.68 billion. Prior to the IPO, GR Infraprojects engaged in a share purchase agreement (SPA) with Bharat Highways InvIT. This agreement involved the complete divestment of its investment in the equity shares of seven wholly-owned subsidiary companies. The names of these subsidiaries are GR Phagwara Expressway, Porbandar Dwarka Expressway, Varanasi Sangam Expressway, GR Akkalkot Solapur Highway, GR Sangli Solapur Highway, GR Gundugolanu Devarapalli Highway, and GR Dwarka Devariya Highway. Bharat Highways InvIT operates as an infrastructure investment trust with the purpose of acquiring, managing, and investing in a portfolio of infrastructure assets in India. It conducts its activities as per the SEBI InvIT Regulations.

Next Story
Infrastructure Urban

Our urban initiatives set a benchmark for projects across India

The Nagpur Smart and Sustainable City Development Corporation (NSSCDCL) has bagged an excellence award for being a leader in creating healthy streets in Indian cities. Soumya Sharma Chandak, Chief Executive Officer (CEO), tells R SRINIVASAN what led to this achievement and elaborates upon other successes and plans. Excerpts from the conversation:What key factors contributed to NSSCDCL winning the excellence award for creating healthy streets in India?We won this award for our efforts to suggest juncti..

Next Story
Infrastructure Urban

Construction Sector Results

The Indian construction sector demonstrated both growth opportunities and notable challenges in the first half of FY2024-25, driven by a mix of economic, operational and policy factors. The sector’s total consolidated operating revenue across all segments (Ultra Large, Large, Medium, and small construction companies) reached approximately Rs.70,871 crore in H1 FY25, compared to Rs.67,126 crore in H1 FY24, reflecting a year-on-year growth of about 5.6 per cent. When including Larsen & Toubro (L&T), the largest player in  the sector,..

Next Story
Infrastructure Transport

India must focus on building resilient road infrastructure

Vadodara-based firm Zydex Industries has developed a silane nanotechnology-based product for road construction that can resist cracking under heavy traffic loads and cyclic weather. The company is using nano-polymer and silane to make roads free of potholes and cracks, thanks to their anti-strip property and enhanced resistance to moisture damage. The company has also developed a technology to make aggregates waterproof, thus forming a skin-like layer that is water-resistant and prevents the formation of potholes. Himanshu Agarwal, Chief Operating Officer, Zydex Industries, speaks about g..

Hi There!

"Now get regular updates from CW Magazine on WhatsApp!

Join the CW WhatsApp channel for the latest news, industry events, expert insights, and project updates from the construction and infrastructure industry.

Click the link below to join"

+91 81086 03000