RInfra secures Rs.3,000-cr via InvIT

Making it the first approval in the country, RInfra has recently managed to get ‘go ahead’ for Rs.3,000-crore from NHAI with an option to retain over-subscription of up to 25%. In the newest deal, RInfra will own 10 toll road assets, with an option to acquire further assets at a later stage. The assets cover 770 km of national highways across five states for which the fund had secured a certificate of registration from the Sebi, following which it filed the draft red-herring prospectus with the markets watchdog in November last year. RInfra has a portfolio of 11 road projects with total length of around 1,000 km on build, operate, and transfer (BOT) basis. It also provides engineering, procurement, and construction services for developing road projects. The proposed InvIT fund issue is in line with the government initiative to promote alternative means for long-term infra financing, said official sources.