NDR Warehousing raises Rs 5 billion with Investcorp

04 Jul 2023 CW Team

It was mentioned that NDR Warehousing had filed a draft placement memorandum (DPM) with the Securities and Exchange Board of India (SEBI) to raise around Rs 11.65 billion through an InvIT. The intention behind raising these funds was to repay specific loans related to construction. One of the sources stated that the draft documents were submitted to the market regulator on Friday, and the InvIT would be privately listed.

When asked for a comment on the pre-InvIT funding, NDR Warehousing chose not to respond. This recent funding from Investcorp marks their second investment in NDR Warehousing, the first being a $55-million investment made last year.

The proposed InvIT, if successfully launched, would be the first of its kind listing by a warehousing company. According to the DPM, the offering would consist of a fresh issue of Rs 8.43 billion by NDR InvIT Trust, as well as an offer for sale of Rs 3.22 billion by the selling unitholders.

The report also highlighted that NDR Warehousing would act as the sponsor of the trust, with NDR Invit Managers serving as the trust's investment manager, and Axis Trustee Services acting as the trustee. ICICI Securities would be the lead manager for the issue.

NDR Warehousing, a part of the NDR group, was established in 1986. Led by N Amrutesh Reddy as the managing director, the company has undergone substantial growth, with a portfolio of 33 warehouses spanning 16.91 million sq ft of leasable area across 12 cities.

The company has plans to expand its warehousing and industrial parks throughout the country by adding 4-5 million sq ft per year.

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According to individuals familiar with the matter, it was reported that NDR Warehousing, a logistics infrastructure company, had secured funding of Rs 5 billion from Investcorp, an investor based in Bahrain. The funding was obtained in anticipation of NDR Warehousing's proposed infrastructure investment trust (InvIT). It was mentioned that NDR Warehousing had filed a draft placement memorandum (DPM) with the Securities and Exchange Board of India (SEBI) to raise around Rs 11.65 billion through an InvIT. The intention behind raising these funds was to repay specific loans related to construction. One of the sources stated that the draft documents were submitted to the market regulator on Friday, and the InvIT would be privately listed. When asked for a comment on the pre-InvIT funding, NDR Warehousing chose not to respond. This recent funding from Investcorp marks their second investment in NDR Warehousing, the first being a $55-million investment made last year. The proposed InvIT, if successfully launched, would be the first of its kind listing by a warehousing company. According to the DPM, the offering would consist of a fresh issue of Rs 8.43 billion by NDR InvIT Trust, as well as an offer for sale of Rs 3.22 billion by the selling unitholders. The report also highlighted that NDR Warehousing would act as the sponsor of the trust, with NDR Invit Managers serving as the trust's investment manager, and Axis Trustee Services acting as the trustee. ICICI Securities would be the lead manager for the issue. NDR Warehousing, a part of the NDR group, was established in 1986. Led by N Amrutesh Reddy as the managing director, the company has undergone substantial growth, with a portfolio of 33 warehouses spanning 16.91 million sq ft of leasable area across 12 cities. The company has plans to expand its warehousing and industrial parks throughout the country by adding 4-5 million sq ft per year. Also read: Increased cost for Bengaluru-Mysuru Expressway travel from July 1 MoRTH invites bids for construction of bypass road in state of Odisha

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