NHAI InvIT likely to raise up to Rs 40 billion in two tranches

NHAI is planning to raise up to Rs 40 billion for its infrastructure investment trust (InvIT) by forming a new SPV under the trust structure. While half of the funds may be raised by selling units in the InvIT to current investors – the Canada Pension Plan Investment Board and Ontario Te­a­chers’ Pension Plan – the remainder of the money is anticipated to come from a public bond sale in the local mark. The two Canadian funds hold 25 per cent each in an existing SPV under the InvIT, which holds around half a dozen road assets. Obtaining new road assets will create space for attracting more investors.