Funds are raised by NHAI InvIT through subsequent issuance

17 Oct 2022 CW Team

National Highways Infra Trust (NHAI InvIT), the infrastructure investment trust sponsored by National Highway Authority of India (NHAI) to support the Government of India's National Monetization Pipeline, has raised a total of Rs 14.3 billion through the placement of its units with domestic and foreign investors in order to partially finance the purchase of three additional road projects from NHAI.

Strong demand for the units was seen when they were placed with institutional investors. Both new and current investors participated in the process, showing their commitment to the deal. Several institutional investors have purchased the units, including the Ontario Teachers' Pension Plan Board, the Canada Pension Plan Investment Board, the State Bank of India, the SBI Pension Fund, the SBI Mutual Fund, the IOCL Employee Provident Fund, the L&T Staff Provident Fund, Rajasthan, and the SBI Pension Fund.

Along with the aforementioned, NHAI InvIT also submitted a prospectus to SEBI for the issuing of Non-Convertible Debentures (NCDs) in order to raise Rs 15 billion. The NCDs would have a 7.90% coupon that was payable twice a year and could be purchased by both retail and institutional investors.

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