MUMBAI, DECEMBER 23, 2022 (GPN): Bharat Highways InvIT, an infrastructure investment fund established to acquire, manage and invest in a portfolio of in-country infrastructure assets and other activities under SEBI InvIT regulations, filed its DRHP with the regulator on December 21, 2022, for a total of Rs 2,000 crr via an issue of Shares to the public.
The issue will take place as part of the bookbuilding process, with 75% available to institutional investors excluding the strategic investor portion and 25% to non-institutional investors. It is proposed to use the net proceeds to provide loans to the Project SPVs to repay/advance some or all of their respective outstanding loans (including accrued interest and prepayment penalties); and for general purposes. The units are to be listed on NSE and BSE.
The sponsor of the offering, Lokesh Builders Pvt Ltd, part of the GR Group, will subscribe for 15% of the total share capital of InvIT post-issuance to meet the sponsor’s requirements. Item in which the output size is reduced. Trustees and investment managers of the issue are IDBI Trusteeship Services Ltd and GR Highways Investment Manager Pvt Ltd.
GRIL, a BSE and NSE listed company, is the flagship of the GR Group and is engaged in integrated road engineering, procurement and construction with an experience of over 25 years in the design and construction of various road/highway projects in 16 states of India and more than 100 road construction projects completed since 2006.
Formed in August 2022, Bharat Highways InvIT proposes to acquire 100% equity interest in each of the project SPVs from GR Infrastructure Ltd, a partner of the Sponsor, including GDDHPL. Its assets include seven HAM road facilities namely Phagwara Expressway, Porbandar Dwarka Expressway, Gundugolanu Devarapalli Highway, Akkalkot Solapur Highway, Varanasi Sangam Expressway, Sangli Solapur Highway and Dwarka Devariya Highway stretching over 497.29 km through Maharashtra, Andhra Pradesh, Punjab, Gujarat and Uttar extend Pradesh under the concessions granted by NHAI. Currently, the assets are owned by GRIL, an affiliate of the sponsor.
The total revenues of the SPV Group for the three month period ended 30 June 2022 and the financial years ended 31 March 2022, 2021 and 2020 were Crs Rs 447.23, Crs Rs 160.01, Crs Rs 217.03 and Crs Rs 309.27 . Projected cash flows for FY23, FY24 and FY25 are estimated at Rs 473 crs, Rs 958 crs and Rs 942 crs respectively.
Infrastructure sector development has been a priority area for the government and has seen increased public investment over the years. India has the second largest road network in the world with a total length of 6.37 million km.
The underwriters of the offering are ICICI Securities Limited, Axis Capital Limited, HDFC Bank Limited and IIFL Securities Limited. Registrar of the issue is KFin Technologies Ltd.Ends
DRHP link: https://www.icicisecurities.com/Upload/ArticleAttachments/Bharat_Highways_InvIT_Draft_Offer_Document.pdf
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