Bharat Highways Infrastructure (InvIT)
Feb 28, 2024 - Mar 1, 2024
| Price | ₹98 - ₹100 |
| Premium | ₹2 |
|---|---|
| Lot size | 150 |
| Allotment | Mar 6, 2024 |
| Listing | Mar 12, 2024 |
| Category | Lot(s) | Qty | Amount | Reserved |
|---|---|---|---|---|
| Retail | 1 | 150 | 15000 | 0 |
| sHNI | 14 | 2100 | 210000 | 0 |
| bHNI | 67 | 10050 | 1005000 | 0 |
Last Updated as on 01st Mar 2024 at 1700 hrs
| Category | Offered | Applied | Times |
|---|---|---|---|
| Institutional Investors | 55065024 | 500970750 | 9.1 |
| Other Investors | 45887520 | 324353550 | 7.07 |
| Total Application : 217,709 | |||
ONE AND ONLY ANCHOR DETAILS
66450000 UNITS WORTH RS 664.50 CRORE ALLOTED TO AADHARSHILA INFRATECH PVT LTD
Bharat Highways Infrastructure Investment is an infrastructure investment trust (InvIT) that has been established to acquire, manage, and invest in a portfolio of infrastructure assets in India. Specifically, the trust focuses on roads operated under the Hybrid Annuity Model (HAM) in various states including Punjab, Gujarat, Andhra Pradesh, Maharashtra, and Uttar Pradesh. These roads are operated and maintained based on concession rights granted by the National Highways Authority of India (NHAI). Currently, the project special purpose vehicles (SPVs) responsible for operating these roads are wholly owned by GR Infraprojects Limited (GRIL).The trust's portfolio includes seven such roads, each operating under the HAM model. These roads are vital components of India's infrastructure network, contributing to the transportation and connectivity needs of the regions they serve.
In terms of credit ratings, Bharat Highways Infrastructure Investment has received provisional ratings from several rating agencies. These include CRISIL AAA/Stable (Reaffirmed) from CRISIL Ratings Limited, CARE AAA, Stable from CARE Ratings Limited, and IND AAA/Stable from India Ratings and Research. These ratings signify the highest level of creditworthiness and stability, indicating the trust's strong financial position and ability to meet its obligations.
Overall, Bharat Highways Infrastructure Investment plays a significant role in India's infrastructure development by facilitating investments in crucial road assets, thereby contributing to the country's economic growth and development.
Bharat Highways InvIT Details
| Total Issue Size | 250,000,000 shares (aggregating up to ₹2,500.00 Cr) |
| Fresh Issue | 250,000,000 shares (aggregating up to ₹2,500.00 Cr) |
| Issue Type | Book Built Issue InvIT |
| Listing At | BSE, NSE |
Bharat Highways InvIT Reservation
| Investor Category | Shares Offered |
|---|---|
| QIB Shares Offered | Not more than 75% of the Offer Size( |
| NII (HNI) Shares Offered | Not less than 25% of the Net Issue |
Bharat Highways InvIT Lead Manager(s)
- ICICI Securities Limited
- Axis Bank Limited
- Hdfc Bank Limited
- Iifl Securities Ltd
Objects of the Issue (Bharat Highways InvIT Objectives)
Strength Factors:
Stable Revenue Generating Assets: Bharat Highways Infrastructure Investment boasts a sizable portfolio of stable revenue-generating assets with no construction risk and long-term predictable cash flows. This stability provides a solid foundation for the trust's financial performance and investor confidence.
Attractive Industry Sector: The trust operates in an attractive industry sector with strong underlying fundamentals and favorable government policies, which bodes well for its growth potential and sustainability.
Growth Opportunities: The trust has opportunities and rights to expand its portfolio of assets, allowing for potential diversification and increased revenue streams in the future.
Experienced Management Team: Bharat Highways Infrastructure Investment benefits from a skilled and experienced management team with industry expertise and a focus on corporate governance. This leadership enhances the trust's ability to navigate challenges and capitalize on opportunities effectively.
Consistent Track Record: The trust has a consistent track record in operating and maintaining projects in the roads sector in India, further enhancing its credibility and reliability as an investment opportunity.
Risk Factors
Lack of Established Operating History: As a newly settled trust, Bharat Highways Infrastructure Investment lacks an established operating history, making it challenging to accurately assess future growth prospects. This uncertainty may impact investor confidence and valuation.
Conditional Formation Transactions: The consummation of the Formation Transactions, through which the trust will acquire the Project SPVs, is subject to certain conditions. Failure to meet these conditions could delay or prevent the acquisition, potentially affecting the trust's growth plans and financial performance.
Acquisition and Asset Identification Risk: There is a risk associated with the failure or inability to identify and acquire new infrastructure assets that generate comparable revenue, profits, or cash flows. This could adversely affect the trust's business, financial condition, cash flows, and results of operations, as well as its ability to distribute returns to investors.
Dependency on NHAI Annuity Income: All revenue generated by the InvIT Assets is reliant on receiving consistent annuity income from the National Highways Authority of India (NHAI). Any disruption or delay in receiving these payments could have a significant adverse impact on the trust's financial stability and ability to meet its obligations.
Premature Termination of Assets: If any of the InvIT Assets are terminated prematurely, the trust may not receive payments due to it, leading to a material adverse effect on its financial condition. This risk underscores the importance of maintaining good relationships with relevant authorities and ensuring the proper operation and maintenance of assets.
Bharat Highways InvIT Lead Manager(s)
- ICICI Securities Limited
- Axis Bank Limited
- Hdfc Bank Limited
- Iifl Securities Ltd
Kfin Technologies Limited
Phone: 04067162222, 04079611000
Email: bharathighways.invit@kfintech.com
Website: https://kosmic.kfintech.com/ipostatus/