IRB InvIT Fund files for IPO to raise up to $645 mn

IRB Infrastructure Developers today said IRB InvIT Fund, an infrastructure investment trust, has filed draft red herring prospectus with the Sebi for Rs 4,300 crore initial public offering.

"The initial public offer consists of a fresh issue of units, aggregating up to Rs 43,000 million, by the trust and an offer for sale of units by the company and certain of its subsidiaries, namely Modern Road Makers Private Limited, Aryan Toll Road Private Limited, ATR Infrastructure Private Limited and Ideal Road Builders Private Limited," IRB Infrastructure Developers said in a BSE filing.

The Mumbai-based toll road developer said it is the sponsor of IRB InvIT Fund (the Trust), an infrastructure investment trust registered with the Sebi under its (Infrastructure Investment Trusts) Regulations, 2014 (the InvIT Regulations).

"IRB Infrastructure Private Limited, a wholly-owned subsidiary of the company and the investment manager to the trust, has filed a draft offer document dated September 7, 2016, in relation to an initial public offer of units representing an undivided beneficial interest in the trust, with the Sebi, the BSE and the NSE, in accordance with the InvIT Regulations," it said.

The Investment Manager, in consultation with the global coordinators and book running lead managers and the book running lead managers to the issue, reserves the option to retain oversubscription of up to 25 per cent of the issue size in accordance with the InvIT Regulations, it added.

Shares of IRB Infrastructure were trading 8.35 per cent up at Rs 250.30 on BSE.

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