JSA advised ICICI Securities Limited, Axis Capital Limited, HDFC Bank Limited and IIFL Securities Limited in relation to the initial public offering of units of Bharat Highways InvIT (“InvIT”), an infrastructure investment trust, comprising an issuance of units aggregating to ₹25,000.00 million (“Issue”). As part of the transaction, the InvIT has also acquired seven road assets, operating on a hybrid annuity model, from G R Infraprojects Limited.
Bharat Highways InvIT is only the fourth publicly listed InvIT, and the first one since 2021, and is the most subscribed public InvIT till date. This was also the first InvIT in India allowing non-institutional investors to use UPI mechanism for bidding in the Issue.
With the completion of this deal, JSA has now advised on three of the four publicly listed InvITs.
The units were listed on the stock exchanges on March 12, 2024.
Our transaction team comprised lead partner – Arka Mookerjee, Partner – Pracheta Bhattacharya, Senior Associate – Sourav Modi and Associate – Jeebitesh Bhattacharya.
Arka’s practice area covers primarily equity capital markets issuances which covers a wide range of products such as Initial Public Offerings, Rights Issues, Qualified Institutions Placements, Initial Public Offering of Infrastructure Trusts and foreign currency convertible bonds.