Reliance Infrastructure Limited (RInfra) has filed a draft red herring prospectus with the Securities and Exchange Board of India (SEBI) for an initial public offering (IPO) of its InvIT. The InvIT aims to raise Rs 30 billion ($440 million) with an option to retain up to Rs 7.5 billion ($110 million) in case of oversubscription. Proceeds from the InvIT will be used to pay premiums that are due to NHAI. Apart from this, the proceeds are likely to help reduce the company’s consolidated debt by Rs 55 billion-Rs 60 billion. RInfra’s InvIT will own 10 toll road assets with total length of 770 km across five states and will have the option to acquire more assets in the future. Reliance Nippon Life Asset Management Limited is the trust’s investment manager while Axis Capital Limited, DSP Merrill Lynch Limited, UBS Securities India Private Limited, SBI Caps and Yes Securities (India) Limited are the lead managers for the issue.