RInfra's InvIT fund files DRHP with Sebi to raise Rs 3,000 cr

Anil Ambani-led Reliance Infrastructure on Friday said it has filed initial papers with the market regulator Sebi to raise Rs 3,000 crore through DRHP (InvIT).

RInfra is the second firm to file the DRHP after Sterling Power's India Grid Trust filed its offer document with the Sebi for raising around Rs 2,650 crore early this month.

"The Reliance Infrastructure InvIT Fund (RInfra InvIT), has filed the DRHP with the Securities and Exchange Board of India and the issue size is Rs 3,000 crore with an option to retain over-subscription up to 25 per cent," the company said in a statement.

Reliance Infrastructure is the sponsor of RInfra InvIT, which will own 10 toll road assets of RInfra connecting major urban centres, with an option to acquire further assets in future. The road assets extend up to 770 km across five states with long concession periods, the company said.

The InvIT offers investment opportunity in a portfolio of income-generating assets in key growth markets.

"Backed by an experienced sponsor and a project manager with consistent track record in operating and maintaining projects in the roads and highways sector in India, the InvIT fund is poised to harness the upcoming opportunities in the sector," it added.

The InvIT Fund will have low leverage upon listing, providing debt capacity to finance future growth.

Reliance Nippon Life Asset Management Limited, is the investment manager to the InvIT Fund, while Axis Capital, DSP Merrill Lynch, UBS Securities are acting as global coordinators and book running lead managers. SBI Capital Markets and Yes Securities are acting as book running lead managers.Anil Ambani-led Reliance Infrastructure on Thursday said it has filed initial papers with the market regulator Sebi to raise Rs 3,000 crore through infrastructure investment trust (InvIT).

RInfra is the second firm to file the DRHP after Sterling Power's India Grid Trust filed its offer document with the Sebi for raising around Rs 2,650 crore early this month.

"The Reliance Infrastructure InvIT Fund (RInfra InvIT), has filed the DRHP with the Securities and Exchange Board of India and the issue size is Rs 3,000 crore with an option to retain over-subscription up to 25 per cent," the company said in a statement.

Reliance Infrastructure is the sponsor of RInfra InvIT, which will own 10 toll road assets of RInfra connecting major urban centres, with an option to acquire further assets in future. The road assets extend up to 770 km across five states with long concession periods, the company said.

The InvIT offers an investment opportunity in a portfolio of income-generating assets in key growth markets.

"Backed by an experienced sponsor and a project manager with consistent track record in operating and maintaining projects in the roads and highways sector in India, the InvIT fund is poised to harness the upcoming opportunities in the sector," it added.

The InvIT Fund will have low leverage upon listing, providing debt capacity to finance future growth.

Reliance Nippon Life Asset Management Limited, is the investment manager to the InvIT Fund, while Axis Capital, DSP Merrill Lynch, UBS Securities are acting as global coordinators and book running lead managers. SBI Capital Markets and Yes Securities are acting as book running lead managers.