Shrem InvIT opts for loan, drops NCDs to acquire 10 road SPVs

29 Aug 2023 CW Team

Shrem InvIT announced that it had decided not to proceed with its initial plan of raising Rs 10 billion through debentures in order to finalise the acquisition of 10 special purpose vehicles (SPVs) connected to roads owned by Dilip Buildcon. The Infrastructure Investment Trust (InvIT) stated that it would instead secure Rs 8.6 billion via term loans, asserting that this approach was more financially effective for completing the transactions.

The lenders who had previously provided term loans had granted approval for the funds to be utilised to acquire the shares of the promoter, repay unsecured loans, and settle debts with senior creditors of the identified SPVs. These SPVs constituted part of the 10 new SPVs involved in the transaction. Shrem InvIT had significant lenders in the form of State Bank of India and Union Bank, with their exposure amounting to around Rs 55 billion. The term loan designated for the purpose of financing the acquisition of road projects held an "AAA" rating from Indian Ratings.

Up until now, Shrem InvIT had exclusively acquired projects from Dilip Buildcon, although it expressed willingness to entertain the idea of taking on operational road projects from other entities. The trust was currently assessing an additional set of 10 projects and had intentions to increase its capital base by Rs 3.3 billion, as stated by Pareek.

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