Shrem InvIT shifts strategy: opts for loans

29 Aug 2023 CW Team

Shrem Infrastructure Investment Trust (InvIT) has altered its financial approach, opting for loans over debentures to complete the acquisition of 10 special purpose vehicles (SPVs) associated with road projects under Dilip Buildcon Ltd. The InvIT will raise Rs 8.6 billion through term loans, citing financial efficiency as the rationale for this shift.

The decision comes as existing term loan lenders grant approval to employ credit for acquiring the promoter's stake, settling unsecured loans, and addressing senior creditors' debts within identified SPVs. Key lenders to Shrem InvIT, including State Bank of India and Union Bank, hold exposure worth Rs 55 billion. The term loan designated for road project acquisition enjoys an "AAA" rating from Indian Ratings.

Nikhil Pareek, Executive Director of Shrem InvIT, emphasised the trust's focus on operating annuity projects to mitigate execution risks.

Having primarily acquired projects from Dilip Buildcon, Shrem InvIT is now considering opportunities beyond the parent company. The trust is currently evaluating 10 more projects and plans to bolster its capital base by Rs 3.3 billion.

Shrem InvIT aims to conclude the acquisition of 10 new SPVs from Dilip Buildcon by the end of the fourth quarter of financial year 24. With provisional completion dates met and annuities received for eight projects, the trust's portfolio will encompass a diversified range of 34 projects. These include National Highway Authority of India (NHAI) projects, state annuity plus toll projects, state annuity projects, and toll projects, demonstrating the trust's expanded footprint in the infrastructure sector.

As Shrem InvIT consolidates cash flows from both initial and new portfolio SPVs, its consolidated debt stands at Rs 77.351 billion. This encompasses sanctioned term loans earmarked for funding the additional 10 SPVs under the InvIT structure, reflecting the trust's commitment to strategic expansion.

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