National Highways Infra Trust (“NHAI InvIT”) has gone forth with a ₹14,300 million institutional placement of units to domestic and international investors.

ICICI Securities Limited and SBI Capital Markets Limited acted as the lead managers to the transaction.

Linklaters advised the National Highways Infra Trust and its Sponsor (National Highways Authority of India) on the private placement of units of the Trust and the team was led by Head of South and Southeast Asia Capital Markets partner Amit Singh.

J Sagar Associates acted as counsel to ICICI and SBI in this transaction.

The transaction team consisted of Arka Mookerjee (Partner), Pracheta Bhattacharya (Partner), Sourav Modi (Associate), Ankesh Kumar (Associate) and Jeebitesh Bhattacharya (Junior Associate).

This was the first ever institutional placement of units by an InvIT in India. The proceeds of the institutional placement are proposed to be used as part funding for the acquisition of three additional road assets.

The institutional placement witnessed strong demand from existing and new investors. The institutional placement was part of a three-pronged transaction, consisting of the institutional placement, a preferential allotment of units to NHAI (the sponsor) and an ₹15,000 million public issue of NCDs.

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