The maiden infrastructure investment trust (InvIT) promoted by the NHAI, through which it aims to raise Rs 51 billion, is likely to launched by June 2021. However, the NHAI InvIT will be out of bounds for retail investors, as the authority has decided to reserve the much-sought-after InvIT IPO for institutional investors. Reportedly, the Securities and Exchange Board of India (SEBI) has approved the draft prospectus submitted by the National Highways Infra Investment Managers (NHIIM), the investment manager, which will manage the InvIT. The NHIIM is now discussing the contours of the issue with potential investors, both domestic and international. As per the rule, an entity cannot subscribe more than 25 per cent of the offering. The minimum bid amount has been fixed at Rs 260 million. Besides, NHAI will have to retain a 15 per cent stake for a lock-in period of three years. The units are proposed to be listed on the National Stock Exchange. Proceeds from the listing will be utilised for the infusion of debt or equity into the project’s special purpose vehicle (SPV), National Highways Infra Projects Private Limited (NHIPPL), for the payment of initial estimated concession value to NHAI and for the payment of improvement and repair costs of five stretches measuring 389 km brought under the SPV.