Infrastructure investment trust Bharat Highways InvIT has filed draft red herring prospectus (DRHP) with the market regulator Securities and Exchange Board of India (SEBI) to raise Rs 2,000 crore through an initial public offering (IPO).
Proceeds of the issue will be used to repay certain loans obtained by the Project SPVs (special purpose vehicles) and for general corporate purposes. ICICI Securities, Axis Capital, HDFC Bank and IIFL Securities are the book running lead managers to the issue.
Bharat Highways InvIT was set up in August 2022 to acquire 100 per cent stake in each of Project SPVs from GR Infrastructure including GDDHPL, wherein the InvIT proposes to initially acquire 49 per cent stake.
