National Infrastructure Trust Files Draft IPO Papers To Raise Rs 1,600 Crore
Proceeds from the issue are proposed to be utilised towards providing loans to its SPV for pre-payment or repayment of external borrowings and unsecured loans availed by the project SPVs.
The National Infrastructure Trust filed its preliminary papers with the Securities and Exchange Board of India to raise Rs 1,600 crore via an initial public offering.
The IPO of the infrastructure investment trust sponsored by Gawar Construction Ltd. comprises a fresh issue of units aggregating up to Rs 1,200 crore and an offer for sale of units valued up to Rs 400 crore by the sponsor selling unitholder.
SBI Capital Markets Ltd. and HDFC Bank Ltd. are the book-running lead managers of the issue, the draft red herring prospectus. The units are proposed to be listed on the BSE and the National Stock Exchange.
The sponsor of the issue, Gawar Construction, will subscribe to 15% of the total post-issue unit capital of the InvIT in order to comply with the sponsor lock-in requirements.
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Proceeds from the issue are proposed to be utilised towards providing loans to its special purpose vehicles for pre-payment or repayment of external borrowings and unsecured loans availed by the project SPVs.
Gawar Construction is engaged in the construction of road and highway projects across 19 states in India for various government and semi-government bodies and statutory authorities. Since 2008, the company has undertaken more than 100 road construction projects.
It has a portfolio of 26 road projects in a hybrid annuity mode with NHAI, of which 11 are completed projects, including the five acquired assets that were erstwhile owned by Sadbhav Infrastructure Project Ltd, and 15 under-construction projects.
