Saraf and Partners assists Interise Trust on ₹5,375 crore multistage refinancing

Interise Trust has raised ₹5,375 crore through multistage refinancing which included the issuance of listed NCDs aggregating up to ₹2,075 crore, and a rupee term loan aggregating to ₹3,300 crore availed from the National Bank for Financing Infrastructure and Development.

Saraf and Partners represented Interise Trust as the issuer’s/borrower's counsel, in connection with the multi‑stage refinancing and security‑structuring transaction.

The transaction was structured through a series of coordinated and inter‑linked steps, including the phased refinancing of existing term loan facilities, non‑convertible debentures and commercial papers (collectively, the “Existing Debt”) across various asset Pools. The Existing Debt was refinanced through: (a) the issuance of senior, secured, rated, listed and redeemable non‑convertible debentures, aggregating up to ₹2,075 crore, in multiple series, with participation from investors including SBI Mutual Fund, ICICI Bank and Axis Bank; and (b) a rupee term loan aggregating to ₹3,300 crore availed from NBFID.

The Saraf and Partners transaction team was led by Aroop Das (Partner) and consisted of Associates Anupam Pandey, Ashwini Chavan and Pavitra Priyadarshan.

Interise Trust (formerly IndInfravit Trust), an infrastructure investment trust is among India’s leading InvITs, focused on the road sector, with a portfolio of BOT and annuity road assets aggregating approximately 7,300 lane kilometres across eight Indian states, and is one of the largest InvITs in the roads space.

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