Bharat Highways InvIT, an infrastructure investment trust (InvIT), has filed a draft prospectus with the Securities and Exchange Board of India (SEBI) to raise funds worth Rs 20 billion through an initial public offering (IPO). The net proceeds are proposed to be utilised towards providing loans to project special purpose vehicles for repayment/prepayment, in part or in full, of their respective outstanding loans. Its assets will comprise seven hybrid annuity model (HAM) road assets. It will span 497.29 km of area across Maharashtra, Andhra Pradesh, Punjab, Gujarat and Uttar Pradesh, pursuant to concessions granted by the National Highways Authority of India. Domestic and global energy developers, including Adani Green, Shell, Torrent Power and Actis, are looking to acquire the Virescent Renewable Energy Trust, an InvIT owned by KKR India, for an enterprise value of $550 million. The trust has a portfolio of 16 operational solar power projects, aggregating 538 MW, across seven states. If the deal materialises, this could be the first sale of an InvIT in India.