<article>IRB Infrastructure Developers Ltd’s infrastructure investment trust (InvIT) has filed a draft red herring prospectus (DRHP) with market regulator Securities and Exchange Board of India (Sebi) to raise as much as Rs.4,300 crore.</article>

IRB Infrastructure Developers Ltd’s infrastructure investment trust (InvIT) has filed a draft red herring prospectus (DRHP) with market regulator Securities and Exchange Board of India (Sebi) to raise as much as Rs.4,300 crore.
IRB Infrastructure Pvt. Ltd, the investment manager to the trust and a wholly owned subsidiary, filed a draft offer document dated 7 September with Sebi, BSE and NSE, the company said in a statement to BSE.
“The initial public offer consists of a fresh issue of units, aggregating up to Rs. 43,000 million, by the trust, and an offer for sale of units by the company and certain of its subsidiaries, namely Modern Road Makers Pvt. Ltd, Aryan Toll Road Pvt. Ltd, ATR Infrastructure Pvt. Ltd and Ideal Road Builders Pvt Ltd,” IRB Infrastructure said in the filing.
“The Investment Manager, in consultation with the global co-ordinators and book running lead managers and the book running lead managers to the Issue, reserves the option to retain oversubscription of up to 25% of the Issue size in accordance with the InvIT Regulations,” the filing said.
In May, market regulator Sebi released norms for the public issue of units of InvITs—the final set of major rules that were awaited before companies could start marketing their issues. InvITs are trusts which manage income-generating infrastructure assets, typically offering investors regular yield and a liquid method of investing in infrastructure projects.
The toll road developer is looking to file its so-called DRHP for its InvIT as early as around the middle of August, Mint had<a href="http://www.livemint.com/Companies/KH1bDkAlGNvhBLHsrs4TeL/SterlitePowerIRB-Infrastructure-inch-closer-to-InvIT-laun.html" target="_blank">reported on </a>27 July, citing three people. IRB first said in August 2015 that it would set up an infrastructure investment trust and transfer at least 12-15 of its existing operational road projects into the trust to unlock value from operational assets. The firm has a portfolio of 20 road projects.
This story was first published on <a href="http://www.livemint.com/Money/8wmRFE2FeCvDRm1sUFqTgP/IRB-Infrastructures-InvIT-fund-looks-to-raise-Rs4300-crore.html">Livemint</a>

India: IRB Infrastructure’s InvIT fund looks to raise $647.2m

Bring stories like this into your inbox every day.

Sign up for our newsletter - The Daily Brief

India: IRB Infrastructure’s InvIT fund looks to raise $647.2m

Start your deal-making journey now!

Bring stories like this into your inbox every day.

Sign up for our newsletter - The Daily Brief