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RInfra InvIT Fund Files Draft Papers For IPO

RInfra InvIT Fund Files Draft Papers For IPO:

Reliance Infrastructure InvIT Fund (RInfra InvIT Fund) has filed the draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI). The proposed issue size is Rs 3,000 crore with an option to retain over-subscription upto 25 percent.

It is the government’s initiative to promote alternative means for long-term infrastructure financing. Reliance Infrastructure is the sponsor of RInfra InvIT which will carry out the activities as an InvIT. The company said RInfra InvIT would own 10 toll road assets of Reliance Infrastructure connecting major urban centres, with an option to acquire further assets in future.

The road assets extend around 770 kms across 5 states with long concession periods. Reliance Nippon Life Asset Management is the investment manager to the InvIT Fund. Axis Capital, DSP Merrill Lynch, UBS Securities are acting as global coordinators and book running lead managers. SBI Capital Markets and Yes Securities are book running lead managers to the issue.

“Backed by an experienced sponsor and a project manager with consistent track record in operating and maintaining projects in the roads and highways sector in India, the InvIT fund is poised to harness the upcoming opportunities in the sector. The InvIT Fund will have low leverage upon listing, providing debt capacity to finance future growth,” Reliance Infra said in the BSE filing.

The InvIT Fund will have low leverage upon listing, providing debt capacity to finance future growth.

Market Update:

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