SBI Life Insurance and Vidyaniti LLP have jointly acquired a 4.25 per cent unit-holding in National Highways Infra Trust (NHIT) for Rs 1,100.61 crore through an open market transaction, reports PTI.
According to data available on the National Stock Exchange (NSE). The transaction involved the purchase of 8.24 crore units of NHIT at an average price of Rs 133.57 per unit.
What’s the deal?
The seller in the deal was the National Highways Authority of India (NHAI), which offloaded 8.24 crore units at the same price, marking a strategic divestment by the government-backed authority.
Breaking down the acquisition, SBI Life Insurance Company purchased over 3.74 crore units, representing a 1.93 per cent stake in NHIT.
Vidyaniti LLP, a limited liability partnership firm, picked up more than 4.49 crore units, amounting to a 2.3per cent stake in the infrastructure investment trust.
Despite the significant transaction, NHIT’s units closed flat on Monday, May 26 at Rs 133.50 apiece on the NSE.
Previous Major Exit by SBI Mutual Fund
National Highways Infra Trust, an infrastructure investment trust sponsored by NHAI, was established in 2021 to facilitate the government’s National Monetisation Pipeline initiative. The trust aims to monetize national highway assets, offering institutional investors long-term investment opportunities in infrastructure.
This development follows a similar move in March when SBI Mutual Fund exited a 4.7% stake in NHIT, fetching Rs 815 crore.
The latest transaction underlines growing investor interest in infrastructure assets, considered stable and long-term in nature. This comes two months after SBI Mutual Fund sold a 4.7 per cent stake in NHIT for Rs 815 crore in March.
The development is expected to boost liquidity for NHAI and support ongoing and future road infrastructure projects across the country.