National, March 5, 2025: Raajmarg Infra Investment Trust, an InvIT sponsored by NHAI (National Highways Authority of India) proposes to open an initial public offering (“IPO” or “Issue”) of units, together with Sponsor Contribution, aggregating up to ₹60,000.00 million (₹ 6,000 crore) on Wednesday, March 11, 2026. The price band has been fixed from ₹99 to ₹100 per Unit. The Issue closes on Friday, March 13, 2026. The Anchor Investor Bidding Date is Tuesday, March 10, 2026. Raajmarg Infra Investment Trust was established to acquire, operate and maintain the InvIT Assets pursuant to the terms of the Concession Agreements granted by NHAI to the Project SPV and to have an initial portfolio of five Toll Roads in the Indian states of Jharkhand, Andhra Pradesh, Tamil Nadu and Karnataka under the Toll Operate Transfer (“TOT”) model conceived by NHAI.
Bids can be made for a minimum lot of 150 Units and in multiples of 150 Units thereafter by Bidders other than the units subscribed for by Anchor Investors and Strategic Investors.
The Units are proposed to be listed on the National Stock Exchange of India Limited (the “NSE”) and BSE Limited (the “BSE”, together with NSE, the “Stock Exchanges”). In-principle approval for listing of the Units has been received from BSE and NSE on February 13, 2026. National Stock Exchange of India Limited is the Designated Stock Exchange.
The Net Proceeds of the Issue are proposed to be utilized for the following objects: (i) Infusion of debt and equity into the Project SPV, which shall be utilized by the Project SPV for the payment of concession value of the InvIT Assets to NHAI and (ii) for General Purposes.
This Issue is being made through the Book Building Process and in compliance with the InvIT Regulations and the SEBI InvIT Master Circular, wherein not more than 75.00% of the Net Issue (excluding the Strategic Investor Portion) shall be available for allocation on a proportionate basis to Institutional Investors, provided that the Investment Manager may, in consultation with the Book Running Lead Managers, allocate up to 60.00% of the Institutional Investor Portion to Anchor Investors on a discretionary basis in accordance with the InvIT Regulations and the SEBI InvIT Master Circular.
Further, not less than 25.00% of the Net Issue (excluding the Strategic Investor Portion) shall be available for allocation on a proportionate basis to Non-Institutional Investors, in accordance with the InvIT Regulations and the SEBI InvIT Master Circular, subject to valid Bids being received at or above the Issue Price.
The Sponsor of the Trust is National Highways Authority of India. The Investment Manager is Raajmarg Infra Investment Managers Private Limited, and the Trustee is IDBI Trusteeship Services Limited.
SBI Capital Markets Limited, Axis Capital Limited, ICICI Securities Limited and Motilal Oswal Investment Advisors Limited are Book Running Lead Manager to the Issue.