NHAI Finalises Record InvIT Monetisation Exceeding Rs 180 Billion
27 Mar 2025
2 Min Read
CW Team
National Highways Infra Trust (NHIT), the Infrastructure Investment Trust (InvIT) set up by NHAI in 2020 to support the Government of India's monetisation programme has successfully concluded fourth round of fund-raising at an Enterprise Value of about Rs 183.80 billion, making it the largest monetisation transaction in the history of Indian roads sector. With completion of this round, the total realised value across the four rounds stands at over Rs 460 billion.
In this round, NHIT has successfully raised ~Rs 83.40 billion in unit capital from marquee domestic and international investors along with Rs 100.40 billion in debt from domestic lenders. These funds will be used for the acquisition of National Highway stretches viz. Anakapalle 鈥� Narsannapeta, Gundugolanu 鈥� Kovvuru & Chittoor 鈥� Mallavaram stretches in Andhra Pradesh, Bareilly 鈥� Sitapur & Muzaffarnagar 鈥� Haridwar stretches in UP/ Uttarakhand, Gandhidham 鈥� Mundra stretch in Gujarat and Raipur 鈥� Bilaspur stretch in Chhattisgarh, at a concession value of Rs 177.38 billion (including premium of Rs 970 million). The investors subscribed to the units through a book-building process at a cut-off price of Rs 133.50 per unit, reflecting a premium over the Dec 31, 2024 NAV of Rs.131.94 per unit.
The issue attracted strong demand from both existing and new investors. Several domestic pension/provident funds, viz., EPFO, L&T PF, Rajasthan Rajya Vidyut Karamchari PF, Indian Oil Corporation PF; insurance companies including Axis Max Life Insurance; banks/financial institutions including NaBFID, Axis Bank, IndusInd Bank; and mutual/ investment funds like Nippon India, Baroda BNP Paribas, Nuvama and White Oak Capital participated in the issue. In addition, NHIT鈥檚 existing foreign investors, Canada Pension Plan Investment Board and Ontario Teachers' Pension Plan Board participated in the book building to their maximum limit.
A significant development in this round is subscription by the Employees鈥� Provident Fund Organisation (EPFO) of Rs 20.35 billion. This is the first ever investment by EPFO in an InvIT. Also, NHAI subscribed to its share of ~15 per cent of the units at the same price.
With completion of this round, NHIT will hold a diversified portfolio of 26 operating toll roads (41 toll plazas) with an aggregate length of 2,345 km spread across 12 states with concession periods ranging between 20 to 30 years.
News source: PIB
National Highways Infra Trust (NHIT), the Infrastructure Investment Trust (InvIT) set up by NHAI in 2020 to support the Government of India's monetisation programme has successfully concluded fourth round of fund-raising at an Enterprise Value of about Rs 183.80 billion, making it the largest monetisation transaction in the history of Indian roads sector. With completion of this round, the total realised value across the four rounds stands at over Rs 460 billion.
In this round, NHIT has successfully raised ~Rs 83.40 billion in unit capital from marquee domestic and international investors along with Rs 100.40 billion in debt from domestic lenders. These funds will be used for the acquisition of National Highway stretches viz. Anakapalle 鈥� Narsannapeta, Gundugolanu 鈥� Kovvuru & Chittoor 鈥� Mallavaram stretches in Andhra Pradesh, Bareilly 鈥� Sitapur & Muzaffarnagar 鈥� Haridwar stretches in UP/ Uttarakhand, Gandhidham 鈥� Mundra stretch in Gujarat and Raipur 鈥� Bilaspur stretch in Chhattisgarh, at a concession value of Rs 177.38 billion (including premium of Rs 970 million). The investors subscribed to the units through a book-building process at a cut-off price of Rs 133.50 per unit, reflecting a premium over the Dec 31, 2024 NAV of Rs.131.94 per unit.
The issue attracted strong demand from both existing and new investors. Several domestic pension/provident funds, viz., EPFO, L&T PF, Rajasthan Rajya Vidyut Karamchari PF, Indian Oil Corporation PF; insurance companies including Axis Max Life Insurance; banks/financial institutions including NaBFID, Axis Bank, IndusInd Bank; and mutual/ investment funds like Nippon India, Baroda BNP Paribas, Nuvama and White Oak Capital participated in the issue. In addition, NHIT鈥檚 existing foreign investors, Canada Pension Plan Investment Board and Ontario Teachers' Pension Plan Board participated in the book building to their maximum limit.
A significant development in this round is subscription by the Employees鈥� Provident Fund Organisation (EPFO) of Rs 20.35 billion. This is the first ever investment by EPFO in an InvIT. Also, NHAI subscribed to its share of ~15 per cent of the units at the same price.
With completion of this round, NHIT will hold a diversified portfolio of 26 operating toll roads (41 toll plazas) with an aggregate length of 2,345 km spread across 12 states with concession periods ranging between 20 to 30 years.
News source: PIB
Next Story
Reliance, Diehl Advance Pact for Precision-Guided Munitions
Diehl Defence CEO Helmut Rauch and Reliance Group鈥檚 Founder Chairman Anil D. Ambani have held discussions to advance their ongoing strategic partnership focused on Guided and Terminally Guided Munitions (TGM), under a cooperation agreement originally signed in 2019.This collaboration underscores Diehl Defence鈥檚 long-term commitment to the Indian market and its support for the Indian Government鈥檚 Make in India initiative. The partnership鈥檚 current emphasis is on the urgent supply of the Vulcano 155mm Precision Guided Munition system to the Indian Armed Forces.Simultaneously, the 鈥淰ulc..
Next Story
Modis Navnirman to Migrate to Main Board, Merge Subsidiary
Modis Navnirman Limited has announced that its Board of Directors has approved a key strategic initiative involving migration from the BSE SME platform to the Main Board of both BSE and NSE, alongside a merger with its wholly owned subsidiary, Shree Modis Navnirman Private Limited.The move to the main boards marks a major milestone in the company鈥檚 growth trajectory, reflecting its consistent financial performance, robust corporate governance, and long-term commitment to value creation. This transition will grant the company access to a broader investor base, improve market participation, en..
Next Story
Global Capital Flows Remain Subdued, EMEA Leads in Q1 2025
The Bharat InvITs Association鈥檚 industry update for Q1 2025 shows subdued global capital flows, with investment volumes remaining at the lower end of the five-year range despite a late 2024 recovery. According to data from Colliers and MSCI Real Capital Analytics, activity in North America declined slightly, while EMEA maintained steady levels and emerged as the top region for investment in standing assets.The EMEA region now hosts seven of the top ten cross-border capital destinations for standing assets, pushing the United States鈥� share of global activity below 15 per cent. Meanwhile, in..
