+
IRB Infra becomes the first company to list privately-placed InvIT
ECONOMY & POLICY

IRB Infra becomes the first company to list privately-placed InvIT

The IRB Infrastructure Trust (IRB InvIT), a privately placed InvIT sponsored by highway developer IRB Infrastructure, listed on the National Stock Exchange (NSE). The decision came months after the Securities and Exchange Board of India (SEBI) issued guidelines for the conversion of private unlisted InvITs into listed ones.

"The valuation of the trust units was determined based on third-party evaluation and was also supported by Trusts' investors." "The value determined is approximately 16 times FY 24 revenue, and it will continue to appreciate as more projects come in," the trust said.

GIC Associates, a Singapore sovereign wealth fund, currently owns 49 percent of the trust. The development is also a step towards opening up these new asset classes to public markets. So far, foreign pension funds and other institutional investors have dominated this market.

"The idea was to have better disclosure standards and bring in more transparency," said Virendra Mhaiskar, Chairman of the trust and Chairman & Managing Director of IRB Infra.

In the last four years, the Trust's project portfolio has grown dramatically, reaching nearly Rs 27,000 crores in Enterprise Value with a balance concession life of 18+ years, he added.

The Trust has acquired 10 BOT road assets totaling 6,275 lane kilometres in Maharashtra, Gujarat, Rajasthan, Goa, Karnataka, Haryana, Uttar Pradesh, and West Bengal.

IRB Infra, the IRB InvIT sponsor, has seen a year-on-year increase in toll income of 27% to Rs 352 crore in FY23.

Regulators have been introducing new guidelines for these asset classes, which have grown in popularity in recent years. REITs and InvITs were allowed to issue commercial papers last year, expanding their financing options.

The Centre is also working to reduce the tax burden on InvIT unitholders. Since 2021, units of the Power Grid InvIT have been listed on the NSE, while the National Highways Authority of India recently invited retail participation in its debentures.

Also Read
Under PM-KUSUM initiative MSEDCL seeks bids for 225 MW solar energy
Residents of Govindpur, Jamshedpur applaud Health Minister Banna Gupta

The IRB Infrastructure Trust (IRB InvIT), a privately placed InvIT sponsored by highway developer IRB Infrastructure, listed on the National Stock Exchange (NSE). The decision came months after the Securities and Exchange Board of India (SEBI) issued guidelines for the conversion of private unlisted InvITs into listed ones. The valuation of the trust units was determined based on third-party evaluation and was also supported by Trusts' investors. The value determined is approximately 16 times FY 24 revenue, and it will continue to appreciate as more projects come in, the trust said. GIC Associates, a Singapore sovereign wealth fund, currently owns 49 percent of the trust. The development is also a step towards opening up these new asset classes to public markets. So far, foreign pension funds and other institutional investors have dominated this market. The idea was to have better disclosure standards and bring in more transparency, said Virendra Mhaiskar, Chairman of the trust and Chairman & Managing Director of IRB Infra. In the last four years, the Trust's project portfolio has grown dramatically, reaching nearly Rs 27,000 crores in Enterprise Value with a balance concession life of 18+ years, he added. The Trust has acquired 10 BOT road assets totaling 6,275 lane kilometres in Maharashtra, Gujarat, Rajasthan, Goa, Karnataka, Haryana, Uttar Pradesh, and West Bengal. IRB Infra, the IRB InvIT sponsor, has seen a year-on-year increase in toll income of 27% to Rs 352 crore in FY23. Regulators have been introducing new guidelines for these asset classes, which have grown in popularity in recent years. REITs and InvITs were allowed to issue commercial papers last year, expanding their financing options. The Centre is also working to reduce the tax burden on InvIT unitholders. Since 2021, units of the Power Grid InvIT have been listed on the NSE, while the National Highways Authority of India recently invited retail participation in its debentures. Also Read Under PM-KUSUM initiative MSEDCL seeks bids for 225 MW solar energy Residents of Govindpur, Jamshedpur applaud Health Minister Banna Gupta

Related Stories

Gold Stories

Next Story
Real Estate

Anshul Singhal launches Vantrock with Rs 42 billion development plan

Real estate professional Anshul Singhal has launched Vantrock Real Assets Private Limited (VRAPL), a Mumbai-headquartered platform focused initially on warehousing, industrial and logistics parks. The company plans to develop approximately 11.5 million sq ft of assets, with an estimated gross development value (GDV) of Rs 42 billion (approximately USD 434 million) on completion.The first phase will cover around 3 million sq ft across the National Capital Region (NCR), Bengaluru and Pune, with an estimated development value of Rs 11 billion (approximately USD 113 million). Construction is sched..

Next Story
Infrastructure Transport

Afcons wins CII award for biodiversity management

Afcons Infrastructure has received the Confederation of Indian Industry (CII) National Award for Environmental Best Practices 2026 in the Biodiversity Management category for its work on the Mumbai-Ahmedabad High Speed Rail Project’s C-2 package.The award was presented at a ceremony in Chennai on 9 October 2026. It was received by Mihir Mishra, Vice-President, CPE, and Sumon Paul, Assistant General Manager, HSE, along with the Afcons team.The project adopted several resource recovery and waste management practices. These included recycling concrete washout waste to recover sand, aggregates a..

Next Story
Technology

Indian businesses lead globally in planned AI investment, says Autodesk

Indian organisations are moving towards deeper integration of artificial intelligence (AI), digital technologies and sustainability into business operations, according to Autodesk’s 2026 State of Design & Make report. The fourth edition of the annual study highlights growing AI adoption, measurable outcomes from digital transformation and the role of sustainability in long-term business growth.The report found that 64 per cent of Indian organisations are approaching or have achieved their current AI goals. While 88 per cent believe AI will enhance their industry, up from 78 per cent in 2..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code