IRB InvIT Fund has successfully completed its Qualified Institutions Placement (QIP) to raise ₹2,000 crore, with the company allotting 317,460,316 units to eligible institutional investors at the issue price of ₹63 per unit. The allotment includes a discount of ₹1.26 per unit (1.96% of the floor price) to the SEBI floor price, as determined in terms of the SEBI InvIT Regulations and Master Circular. The 100% primary unit issuance will be used for SPV acquisitions, debt repayment/prepayment and other purposes. Additionally, the company completed a preferential allotment of ₹351 crore, bringing the total fund raise to ₹2,351 crore.
The fund-raise witnessed strong and broad-based participation from both domestic and international investors, reflecting the confidence of a diverse set of marquee long-term institutional investors, including pension funds, insurance companies, mutual funds, and several family offices. The sponsors IRB Infrastructure Developers has also invested ₹351 crore in IRB InvIT Fund through preferential issue of units, to maintain its approximate 16% stake in the fund. Pre-issue outstanding units stood at 128.16 crore units, while the recent QIP has increased the total unitholding capital of the Trust to 1,653,060,316 units.
According to an exchange filing on September 22, the recent acquisitions are expected to enhance the stability of the Trust's revenue streams, expand the size of its portfolio, and achieve geographical diversification. The acquisition is anticipated to ensure long-term visibility and operational continuity by increasing the weighted average life of the Trust's assets. Over the lifetime of the InvIT, the acquisition is also expected to contribute to an increase in the cumulative distribution per unit.
Solapur Yedeshi Tollway Limited was incorporated on January 10, 2014, for the implementation of the project of Four Laning of Solapur to Yedeshi section of NH-211 in Maharashtra under NHDP Phase IV on Design, Build, Finance, Operate and Transfer Toll basis. CG Tollway Limited was incorporated on October 18, 2016, for the implementation of the project of Six Laning of Kishangarh Udaipur Ahmedabad Section near Gulabpura to the end of Chittorgarh Bypass of NH-79 in Rajasthan Package-2 on BOT (Toll) mode.
