According to people familiar with the matter, half of the funds may be raised by selling units in the National Highway Infra Trust to existing investors such as Canadian pension funds CPPIB and OTPP, while the other half is likely to come from a public bond sale in the local market where retail investors can buy.
Existing offshore funds are not yet formally intimated about the plan.
“The plan for the two-legged fundraising has been laid out,” stated sources. It is still in the early stages, with the sponsor, NHAI, preparing a roadmap.
The National Highways Infra Trust Investment Managers has issued a request for a proposal to appoint lead managers for a portion of the fundraising.
However, NHAI has not made any confirmation regarding the news.
There are approximately 15 registered InvITs in India, with projects ranging from electricity transmission to road and renewable energy. With the exception of a few publicly traded instruments, these are mostly private.
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