NHAI’s InvIT advances third round of asset monetisation

The National Highways Infrastructure Trust (NHIT) has sanctioned the base price for the acquisition of five highway stretches from the National Highways Authority of India (NHAI). This price, determined by an independent valuer and presented in a sealed cover to NHAI, initiates the process for the potential acquisition, following book building and approval from NHIT’s unit holders. The NHIT board has authorised the fundraising for this acquisition. The intention is to source 50 per cent equity from current unit holders, and the rest through debt, attainable via term loans or bonds. In the previous round, NHIT raised Rs 15 billion through the public issuance of non-convertible debentu­res. Planning for a fourth round of asset monetisation by March 2024, NHIT has outlined six highway stretches, primarily in Karnataka, estimating to gather around Rs 50 billion from the total 350 km of highways offered.