Thursday, 30 March 2017

Reliance Infra InvIT fund gets NHAI approval

Reliance Infrastructure InvIT Fund has got a crucial approval from National Highway Authority of India (NHAI), sources said. This is the first approval granted by NHAI for any InvIT fund. 

The RInfra InvIT Fund, with a proposed issue size of Rs 3,000 crore and an option to retain over-subscription up to 25 per cent, will own 10 toll road assets connecting major urban centres, with an option to acquire further assets in future. The road assets extend 770 km across five states with long concession periods. 

In November last year, the Securities and Exchange Board of India (SEBI) had granted the Certificate of Registration in terms of Regulation 6 of SEBI (Infrastructure Investment Trusts) Regulations, 2014 to Reliance Infrastructure InvIT Fund. 

A month after receiving the certificate of registration, Reliance Infrastructure InvIT Fund had filed the draft red herring prospectus with the SEBI in December 2016. Reliance Infrastructure's proposed InvIT Fund issue is in line with the government's initiative to promote alternative means for long-term infrastructure financing.

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