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Bharat Highways InvIT’s Initial Public Offering of its units to open on Wednesday, February 28, 2024, price band set at ₹98 to ₹100 per Unit

Mumbai, 22 February, 2024: Bharat Highways InvIT(the “InvIT”), an infrastructure investment trust established to acquire, manage and invest in a portfolio of infrastructure assets in India, and to carry on the activities of an infrastructure investment trust, as permissible under the SEBI InvIT Regulations has filed its offer document dated February 20, 2024 (“Offer Document”) for public issue of its units aggregating up to ₹ 25,000 million.

The price band for the Issue is ₹98 to ₹100.

The Units are proposed to be listed on BSE and NSE (collectively, the “Stock Exchanges”) with NSE as the Designated Stock Exchange for the Issue. The Issue is being made through the Book Building Process, wherein not more than 75% of the Net Issue shall be available for allocation on a proportionate basis to Institutional Investors, and not less than 25% of the Net Issue shall be available for allocation on a proportionate basis to Non-Institutional Investors.

The InvIT’s initial portfolio consists of seven road assets, all operating on HAM basis, in the states of Punjab, Gujarat, Andhra Pradesh, Maharashtra and Uttar Pradesh consisting of approximately 497.292 km of constructed and operational roads. Additionally, the InvIT has entered in a ROFO agreement with G R Infraprojects Limited (“GRIL”) pursuant to which GRIL has granted a right of first offer to the InvIT to acquire certain of its road assets.

The Net Proceeds are proposed to be utilized towards providing loans to the Project SPVs for repayment/ pre-payment, in part or in full, of their respective outstanding loans (including any accrued interest and prepayment penalty); and for general purposes.

The InvIT has received rating of ‘Provisional CRISIL AAA/Stable (Reaffirmed)’ from Crisil Ratings Limited on November 27, 2023, and ‘Provisional CARE AAA; Stable’ from CARE Ratings Limited on November 30, 2023 for its long-term bank facilities aggregating to ₹30,000 million and ‘Provisional IND AAA/Stable’ from India Ratings and Research on December 8, 2023 for its proposed rupee term loan aggregating to ₹30,000 million.

Lead Managers for the Issue are ICICI Securities Limited, Axis Capital Limited, HDFC Bank Limited and IIFL Securities Limited. Registrar to the Issue is KFinTechnologies Limited. IDBI Trusteeship Services Limited has been appointed as the Trustee of the InvIT. GR Highways Investment Manager Private Limited has been appointed as the Investment Manager, and Aadharshila Infratech Private Limited has been appointed as the Sponsor.

About Bharat Highways InvIT:

Bharat Highways InvIT (the “InvIT”) an infrastructure investment trust established to acquire, manage and invest in a portfolio of infrastructure assets in India and to carry on the activities of an infrastructure investment trust, as permissible under the SEBI InvIT Regulations. Its initial portfolio assets consist of seven road assets, all operating on HAM basis, in the states of Punjab, Gujarat, Andhra Pradesh, Maharashtra and Uttar Pradesh. These roads are operated and maintained pursuant to concession rights granted by the NHAI and are owned and operated by the Project SPVs, which are currently wholly owned by G R Infraprojects Limited (GRIL) (an Associate of the Investment Manager).

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