Mutual Funds Commodities Research Tax Planning IPO Our Team Contact Us    
Stock Report

| More

IndInfravit Trust completes the acquisition of 100% stake in eight operational road projects of Sadbhav Infrastructure Project Limited

Posted On: 2020-03-19 19:05:53

In terms of the definitive documentation entered into by IndInfravit Trust ("IndInfravit") and Sadbhav Infrastructure Project Limited ("SIPL") for the proposed acquisition of 9 (nine) road infrastructure projects on July 1, 2019, IndInfravit has, pursuant to its acquisition of Mysore-Bellary Highway Private Limited ("MBHPL") today, completed the acquisition of 100% of the equity shareholding and economic interest held by SIPL in 8 (eight) road infrastructure projects ("Acquired Portfolio"). The Acquired Portfolio currently comprises the following 8 (eight) assets: (i) Bhilwara Rajsamand Tollway Private Limited, (ii) Dhule Palesner Tollway Limited, (iii) Hyderabad Yadgiri Tollway Private Limited, (iv) Nagpur Seoni Expressway Limited, (v) Shreenathji Udaipur Tollway Private Limited, (vi) Bijapur-Hungund Tollway Private Limited, (vii) Aurangabad Jalna Tollway Limited and (viii) MBHPL. The enterprise value of 100% of the Acquired Portfolio is approximately INR 63bn.

The acquisition of the remaining road infrastructure project, namely Ahmedabad Ring Road Infrastructure Limited ("ARRIL"), for which IndInfravit has entered into definitive documentation with SIPL, is pending the receipt of requisite regulatory approvals and fulfillment of certain other conditions set out under the definitive documents.

In connection with the IndInfravit's acquisition of 100% equity shareholding and economic interest in the Acquired Portfolio, SIPL has been paid consideration by way of a preferential issue of units of IndInfravit (amounting to 10% on post-issue basis) as well as cash. IndInfravit has raised the cash by way of a preferential issue of units to the leading unitholders of IndInfravit namely, L&T Infrastructure Development Projects Limited ("L&T IDPL"), Allianz, Canada Pension Plan Investment Board ("CPP Investments"), and OMERS Infrastructure (the infrastructure arm of OMERS Administration Corporation).

IndInfravit has also undertaken an issue of non-convertible debentures with a view to refinance a substantial portion of the financial indebtedness of the Acquired Portfolio.

This transaction is in line with IndInfravit's strategy to acquire additional road projects in India, and would significantly expand IndInfravit's current road portfolio of five operational toll road concessions.

The Acquired Portfolio comprises of six toll roads and two annuity roads, with total c. 2,300 lane kms in Karnataka, Maharashtra, Rajasthan and Telangana, some of India's most economically vibrant states. The roads forming part of the Acquired Portfolio have been operational, on an average, for over 6 years, and are used by diverse groups of road users and commercial traffic. The states in which these roads are present contribute c.32% to the GDP and c.23% to the population of India.

SIPL is a leading Indian road developer, which is promoted by Sadbhav Engineering Limited ("SEL"). Both SIPL and SEL are entities listed on the stock exchanges in India.

Mr. J Subramanian, CEO, LTIDPL IndvIT Services Limited (Investment Manager of IndInfravit), views this acquisition as part of a new era in infrastructure development. InvIT, as a structure has facilitated a new investor class with a keen interest to allocate large capital towards infrastructure landscape. InvITs, backed by marquee overseas investors, create the necessary ecosystem to support the government's ambitious plan to develop high quality infrastructure in the country.

Ambit Private Limited acted as the exclusive financial advisor to IndInfravit on this transaction.

Source: Equity Bulls

Click here to send ur comments or to

Other Headlines:

DCB Bank announces revised Marginal Cost of Funds based Lending Rate

DCB Bank revises External Benchmark Linked Rate

CRISIL reaffirms ratings of Bhagwati Autocast Ltd

H.G. Infra Engineering Limited Supports India's Fight Against COVID-19

ICRA downgrades rating of PNB Housing Finance Limited's NCDs and Tier II bonds

Persistent Systems contributing Rs. 25 Crores ($3.3M) in support of COVID-19 efforts globally

CARE has reaffirmed issuer rating of Ashiana Housing Ltd

IDBI Bank updates on Moody's rating

CARE reaffirms rating of DCB Bank Limited

Sunteck Realty Limited's 'AA-' long-term and 'A1+' short-term ratings reaffirmed by CARE

PTC India Financial Services Ltd updates on credit ratings

Parsvnath Developers Ltd announces interest holiday to all its customers for 3 months

APM Terminals Pipavav offers Free Container Storage service at the port

NMDC revises iron ore price from April 4, 2020

Blue Dart ensures continuity of essential supply chain for the nation during COVID-19 outbreak

Nestlé India Extends Its Commitment To India's Fight Against COVID-19

Mr. Sunil D'Souza joins as Managing Director & CEO of Tata Consumer Products Ltd

TCPL Packaging Limited update on non-disposal undertaking by Promoter Group Companies

Moody's downgrades AXIS Bank outlook to Negative

HDFC Bank advances increases to Rs. 9,930 billion as of March 31, 2020

M&M Holds a Special Board Meeting to Review Investment in SsangYong Motor Company

Moody's affirms deposit ratings of ICICI Bank

GMR Infrastructure Limited updates on tariff order

Lasa pledge to contribute for fight against COVID 19

ICRA reaffirms ratings of HLE Glascoat Limited

Dhampur Sugar Mills Ltd starts hand sanitizers production at Asmoli unit

IEX assures the nation of 24X7 access to facilitate uninterrupted power supply

A kind initiative by UNO Minda group to fight against Corona

NMDC contributes Rs.60 Lakh to Ballari District Administration to support the fight against COVID-19

Ind-Ra revises long term issuer rating of HCL Infosystems Ltd

Oriental Aromatics Ltd starts partial production at Bareilly

Vedanta doubles its contribution to Rs. 201 crores to fight COVID-19

UPL contributes Rs. 75 Crore to PM-CARES Fund

IEX announces performance for March 2020

MOIL contributes Rs 45 crore in PM Cares Fund

KEI Industries Ltd. extends support to ISKCON Delhi to feed more than 2 lakh homeless daily

Ajanta Pharma commits Rs. 6 crore to fight COVID-19 pandemic

The Ramco Cements Ltd contributes Rs. 2.50 crores to Tamil Nadu CM Relief Fund

IDBI BANK LTD board to consider rupee bond borrowings limit for FY 2020-21

Raymond Ltd allots 18,54,599 shares

OnMobile Global Ltd board to consider buyback on Apr 9, 2020

National Fertilizers Ltd registers highest-ever Fertilizer sale in 2019-20

ITC Salutes its Frontline Warriors in the fight against Corona

Sportking India Ltd starts operations at Bathinda unit

Cyient to Partner with Hitachi Rail to Accelerate Signaling Technology Deployment

Sunil Healthcare Ltd board approves funding requirements

Bajaj Auto reports 10% YoY drop in sales during March 2020

Lupin's Aurangabad Facility Receives EIR from U.S. FDA

NTPC Ltd commissions Unit-2 of 660 MW of Khargone Super Thermal Power Station

AU Small Finance Bank Ltd announces completion of term by part-time chairman

Website Created & Maintained by : Chennai Scripts
West Mambalam, Chennai - 600 033,
Tamil Nadu, India

disclaimer copyright © 2005 - 2019