Shrem InvIT tweaks financing plan to buy two highway assets

Shrem Infrastructure Investment Trust (InvIT), a trust backed by Dadachanji Group chairman Kairus Shavak Dadachanji, has modified its acquisition financing strategy for two operational highway projects. The InvIT will raise Rs 10 billion ($122 million) in debt to finance the acquisitions, as opposed to its original plan of using equity capital. Shrem InvIT will issue non-convertible debentures (NCDs) to raise Rs 10 billion to acquire the hybrid annuity model (HAM) assets, rather than assigning InvIT units as consideration for the transaction. These two road projects will be acquired from Dilip Buildcon Limited.