JSA advised Vertis Infrastructure Trust (formerly Highways Infrastructure Trust) in relation to the private placement of non-convertible debt securities in the nature of sustainability-linked bonds (SLB) aggregating to ₹900 crores. This transaction marks the largest SLB issuance by an Indian Infrastructure Investment Trust (InvIT).
Vertis Infrastructure Trust (formerly Highways Infrastructure Trust) is an infrastructure investment trust under the provisions of the SEBI (Infrastructure Investment Trusts), Regulations, 2014 involved in the business of owning and managing road assets in India. International Finance Corporation (“IFC”) was the Anchor Investor for the issuance and the debt securities saw investment from IIFCL in addition to IFC.
The SLB debt securities are linked to predefined sustainability objectives of the Issuer and assessed against predefined sustainability performance targets that link financial outcomes to the achievement of environment, social and governance outcomes, mirroring international best practices. This issuance marks a growing confidence of Indian InvITs in tapping innovative financing routes aligned with global sustainability standards. The proceeds from the issue are to be utilised for supporting TOT Bundle 16, a marquee 252 km NH 44 highway corridor in the State of Telangana. This issuance has set a benchmark which reflects the increasing global and institutional confidence in infrastructure financing in India.
The transaction team was led by Karan Mitroo, Partner, with support from the Banking and Finance team comprising Pragya Verma (Senior Associate), Jhalak Gupta (Associate), and Harsh Dugar (Associate).
Karan brings nearly 17 years of extensive experience in foreign and domestic debt financing in India. He advises leading clients across sectors such as renewables, infrastructure, real estate, healthcare, and hospitality.