NHAI raises Rs 1,217 crore through InvIT, adds three road projects
National Highways Infra Trust, InvIT of the NHAI, has raised Rs 1,217 crore from investors in its follow-on offer. The issue was fully subscribed before closing with NHAI’s own share of investment being Rs 213 crore.The latest issue involves the addition of three toll roads to the InvIT’s current portfolio — the Agra Bypass stretch in Uttar Pradesh (32.8 km), Shivpuri–Jhansi stretch in Madhya Pradesh (75.3 km), and Borkhedi–Kelapur stretch in Maharashtra (138.15 km).
While the ministry had been planning to expand its investor pool, there is currently no information available on which institutional investors have been involved in the latest issue. Last year, the InvIT saw investments from CPP Investments and Ontario Teachers’ Pension Fund at an enterprise value of Rs 8,011 crore. Nevertheless, monetization of road assets would aid MoRTH's construction/awarding activities.