Bharat Highways InvIT files DRHP to launch Rs 2,000 crore IPO

23 Dec 2022 , 01:50 PM

An infrastructure investment trust, Bharat Highways InvIT has filed DRHP under SEBI InvIT Regulations on December 21. The company wants to raise Rs 2000 crore through initial public offer. 

It aims to the net proceeds from the issue to provide loans to the Project SPVs for repayment/ pre-payment and for general corporate purposes. These SPV projects include Porbandar-Dwarka Expressway, Varanasi-Sangam Expressway, GR Sangli-Solapur Highway, GR Akkalkot-Solapur Highway, GR Phagwara Expressway and GR Gundugolanu-Devarapalli Highway.

Bharat Highways InvIT was established in August 2022 to acquire 100% equity in each of the Project SPVs from GR Infrastructure Ltd, an associate of the sponsor including GDDHPL. 

On financial front, total income of the SPV Group for the Financial Years ended March 31, 2022, 2021 and 2020 was Rs 160.01 crore, Rs 217.03 crore and Rs 309.27 crore, respectively.

ICICI Securities Limited, Axis Capital Limited, HDFC Bank Limited and IIFL Capital Services Limited are the merchant bankers to the IPO. KFin Technologies Ltd is the registrar for the same.