Rinfra‘s Rs 30 billion InvIT fund gets NHAI approval

Reliance Infrastructure Limited (RInfra) has reportedly received the National Highways Authority of India’s (NHAI) consent for its planned Rs 30 billion infrastructure investment fund (InvIT). The company plans to come out with the issue around end-April 2017. Meanwhile, RInfra has already received in-principle approval from the Securities and Exchange Board of India (SEBI) and also has a go-ahead from its lenders. The company’s InvIT will have a proposed issue size of Rs 30 billion with the option to retain the oversubscription of up to 25 per cent. The InvIT will initially own 10 of the company’s road projects, representing 770 km of highway projects spread across five states.