The Anil Ambani-led Reliance Infrastructure (RInfra) today said it has received a final nod from market regulator the Securities and Exchange Board of India (SEBI) for its proposed Rs 2500 crore infrastructure investment trust. “RInfra has received the final observation letter from the SEBI for its proposed Rs 2,500 crore initial public offering (IPO) of units representing an undivided beneficial interest in the trust,” the company said in a statement here.
According to sources, the company is likely to launch the InvIT in the next two weeks. The proposed issue size is Rs 2,500 crore with an option to retain oversubscription up to 25 per cent of the issue size, the company said.
The sources said RInfra InvIT fund will initially own seven toll road assets that connect major cities. The initial road assets extend 1,756 lane km across three states with concession periods of 9-20 years.
RInfra InvIT Fund will also have right of first refusal to acquire further four operating toll road assets over the next 12-24 months for which it has the necessary approvals from NHA to transfer 100 per cent equity interests to RInfra InvIT Fund.
While RInfra will be the project manager of InvIT Fund, Reliance Nippon Life AMC will be its investment manager.
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.