I Squared Capital pulls out Rs 5.60 billion from Cube Highways InvIT

I Squared Capital has pulled out almost Rs 5.60 billion ($60 million) from an Indian infrastructure investment trust (InvIT) that is looking to go public. The firm, whose India portfolio spans sectors such as roads, renewable energy, city gas distribution and smart metering, sold about 38.35 million units of Cube Highways Trust (CHT) this week via its affiliates.
I Squared’s affiliates sold the InvIT’s units at Rs 146 apiece to institutional investors including Kotak Mahindra Bank, automaker Mahindra & Mahindra, ASK Financial, and Neo Asset Management, stock-exchange data show.
The monetisation move comes just weeks after the PE firm, along with two other investors–Abu Dhabi sovereign wealth fund Mubadala Investment Company and Canadian pension fund British Columbia Investment Management were looking to pull out Rs 50 billion (almost $540 million at current exchange rates) from the InvIT, which is not issuing any new units in the proposed public offering.