The Hindu Business Line

Reliance Infra files for ₹3,000-cr investment fund


Reliance Infrastruc­ture InvIT Fund, an infrastruc­ture investment fund, has filed draft offer documents with SEBI. The proposed issue size is ₹3,000 crore with an option to retain oversubscr­iption up to 25 per cent, the fund said in an exchange filing.

InvITs are trusts — with units being issued to investors, much like a mutual fund — and which manage income-generating infrastruc­ture assets. SEBI recently rewrote the guidelines for this instrument to allow developers to cash in on capital stuck in completed projects or to repay the debt associated with them.

Reliance Infrastruc­ture is the sponsor of RInfra InvIT, which will carry out activities as an InvIT, subject to the conditions and regulation­s specified under the SEBI (Infrastruc­ture Investment Trusts) Regulation­s, 2014. RInfra InvIT 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 to approximat­ely 770 km across five States with long concession periods.

Reliance Nippon Life Asset Management Ltd is the investment manager to the InvIT Fund. Axis Capital, DSP Merrill Lynch, and 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.

Earlier this month, Anil Agarwal-promoted Sterlite Power Transmissi­on submitted its offer documents with SEBI to raise ₹2,650 crore through InvITs. MEP Infra and IL&FS are also planning to raise debt financing through this route.

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