Bharat Highways InvIT IPO opens for subscription today (Wednesday, February 28), and will close on Friday, March 1. Bharat Highways InvIT IPO raised ₹825.97 crore from anchor investors on Tuesday, February 27. The company notified the exchanges that it allocated 8,25,97,350 equity shares at ₹100 apiece.
Bharat Highways InvIT IPO price band has been set in the range of ₹98 to ₹100 per equity share. Bharat Highways InvIT IPO lot size is 150 equity shares and in multiples of 150 equity shares thereafter.
Bharat Highways InvIT IPO has reserved not more than 75% of the offer size of the shares in the public issue for Qualified Institutional Buyers (QIB), and not less than 25% of the net issue for Non Institutional Investors (NII).
Tentatively, Bharat Highways InvIT IPO basis of allotment of shares will be finalised on Monday, March 4 and the company will initiate refunds on Tuesday, March 5, while the shares will be credited to the demat account of allottees on the same day. Bharat Highways InvIT shares are likely to be listed on BSE and NSE on Wednesday, March 6.
Bharat Highways InvIT IPO is a book built issue of ₹2,500 crores. The issue is entirely a fresh issue of 25 crore shares.
The net proceeds will be utilised for general purposes and to provide loans to the Project SPVs so they may fully or partially repay their respective existing debts, including any accrued interest and prepayment penalties.
HDFC Bank Limited, Axis Capital Limited, IIFL Securities Limited, and ICICI Securities Limited are the issue’s lead managers. KFin Technologies Limited is the Issue’s Registrar.
The InvIT’s Trustee is IDBI Trusteeship Services Limited. The investment manager, GR Highways Investment Manager Private Limited, and the sponsor, Aadharshila Infratech Private Limited, have been appointed.