Capital Infra Trust InvIT’s Initial Public Offering of its units to open on Tuesday, January 7, 2025, price band set at ₹99 to ₹100 per Unit

(L-R) Mr. Amit Kumar, CFO and Mr. Manish Satnaliwala, CEO of Capital Infra Trust (Erstwhile National Infrastructure Trust) at their IPO price band announcement

Mumbai, January 2, 2024: Capital Infra Trust (the “InvIT”), an infrastructure investment trust sponsored by Gawar Construction Limited has filed its offer document dated December 27, 2024 (“Offer Document”) for public issue of its units aggregating up to ₹ 1,578 crore.

The price band for the Issue is ₹99 to ₹100 per Unit.

The Units are proposed to be listed on BSE and NSE (collectively, the “Stock Exchanges”) with BSE as the Designated Stock Exchange for the Issue. The Issue is being made through the Book Building Process, wherein not more than 75% of the Offer shall be available for allocation on a proportionate basis to Institutional Investors, and not less than 25% of the Offer shall be available for allocation on a proportionate basis to Non-Institutional Investors.

The InvIT has received rating of ‘Provisional CRISIL AAA/Stable (Assigned)’ from Crisil Ratings Limited on December 31, 2024.

The InvIT primarily intend to acquire, manage and invest in the nine completed and revenue generating Initial Portfolio Assets, aggregating to approximately 682.425 kms, operated and maintained pursuant to concessions granted by the NHAI and are owned and operated by the Project SPVs. These roads are located in the states of Haryana, Rajasthan, Bihar, Uttarakhand, Himachal Pradesh, Madhya Pradesh and Karnataka. The Initial Portfolio of Assets has a weighted average residual concession life of 11.7 years as of September 30, 2024. In addition to the Initial Portfolio Assets, the Trust, through the Investment Manager, will also have the right to acquire new projects through a right of first offer with the Sponsor in accordance with the Right of First Offer Agreement (“ROFO Agreement”).

The Net Proceeds are proposed to be utilized towards (i) providing loans to the Project SPVs for repayment/ pre-payment, in part or in full, of their respective outstanding loans (including any accrued interest and prepayment penalty); and (ii) providing loans to the Project SPVs for repayment of unsecured loans availed by the Project SPVs from the Sponsor.

Lead Managers for the Issue are SBI Capital Markets Limited, HDFC Bank Limited. Registrar to the Issue is KFin Technologies Limited. Axis Trustee Services Limited has been appointed as the Trustee of the InvIT. Gawar Investment Manager Private Limited has been appointed as the Investment Manager, and Gawar Construction Limited has been appointed as the Sponsor.

Capital Infra Trust (Erstwhile National Infrastructure Trust), an infrastructure investment trust sponsored by Gawar Construction Limited (“GCL” or “Sponsor”). Since 2008, the Sponsor had undertaken more than 100 road construction projects. the Sponsor had a portfolio of 26 road projects on a hybrid annuity mode (“HAM”) with NHAI, of which 11 are completed projects, including the five acquired assets which were erstwhile owned by Sadbhav Infrastructure Project Limited, and 15 under-construction projects. Capital Infra Trust was established with the objective to acquire, manage and invest in portfolio of infrastructure assets in the country. As of September 30, 2024, nine projects, which are owned, operated and maintained by the Project SPVs, comprise the Initial Portfolio Assets consisting of approximately 682.425 km of constructed and operational roads across seven states in India.

Offer Document: www.hdfcbank.com/content/bbp/repositories/723fb80a-2dde-42a3-9793-7ae1be57c87f/?path=/Wholesale/Investment%20Banking/Investment%20Banking/pdfs/dec/30/Capital-Infra-Trust-Offer-Document.pdf 

Issue Size of the IPO based on the upper and lower end of the price band