Bharat Highway invit's IPO

Bharat Highways Invit’s initial public offering (IPO) is scheduled to open for subscription on February 28 and will conclude on March 1. The company aims to raise a total of Rs 2,500 crore, making it the largest IPO in 2024 thus far. ICICI Securities, Axis Capital, HDFC Bank, and IIFL Securities are serving as the book-running lead managers for the issue.The infrastructure investment trust filed draft papers for the IPO in December of the previous year and received approval earlier in the current year. The proceeds generated from the IPO will be utilized to provide loans to the Project SPVs (special purpose vehicles) for the repayment of outstanding loans, including accrued interest and prepayment penalty. Additionally, the remaining funds will be allocated for general corporate purposes. As of February 1, 2024, the Project SPVs collectively had an outstanding external borrowing of Rs 3,568.22 crore.Preceding the IPO, GR Infraprojects has engaged in a share purchase agreement (SPA) with Bharat Highways InvIT. This agreement entails the sale of GR Infraprojects’ entire equity investment in seven wholly-owned subsidiary companies. These subsidiaries include GR Phagwara Expressway, Porbandar Dwarka Expressway, Varanasi Sangam Expressway, GR Akkalkot Solapur Highway, GR Sangli Solapur Highway, GR Gundugolanu Devarapalli Highway, and GR Dwarka Devariya Highway.