Mumbai : National Infrastructure Trust – sponsored by Gawar Construction Limited (GCL or “Sponsor,”) has filed its Draft Offer Document with the regulator to raise an aggregate amount of Rs 1,600 crore via an issue of units to the public.
The IPO comprises fresh issue of units aggregating upto Rs 1200 crore and Offer for Sale of upto Rs 400 crore by Sponsor Selling Unitholder.
The Net Proceeds are proposed to be utilized towards providing loans to the Project SPVs for repayment/pre-payment of external borrowings, in part or in full from financial lenders; Loans to Project SPVs for repayment of unsecured loans availed by the Project SPVs from the Sponsor.
National Infrastructure Trust is an infrastructure investment trust sponsored by Gawar Construction Limited, established on September 25, 2023 with the objective to carry on the activities of, and to make investments as, an infrastructure investment trust, as permissible under the SEBI InviT Regulations.
The Sponsor, Gawar Constructions Limited is an infrastructure development and construction company in India with over 15 years experience, primarily engaged in construction of roads and highway projects across 19 states in India.
Revenue from operations of the SPV for fiscal 2024, 2023 and 2022 was Rs 1,485 crores, Rs 2,033 crores, Rs 1,908 crores respectively. Projected cash flows for FY25, FY26 and FY27 is estimated to be Rs 582 crores, Rs 662 crores and Rs 585 crores respectively.
As per the Draft document, India’s road network has grown 59% to become the second largest in the world in the last 10 years. A total 202 national highway projects worth Rs 79,789 crore ($U.S. 9.59 billion) for building 6,270 kms in length are at the implementation stage in the country, and the Government has allocated Rs 111 lakh crore ($U.S. 1.4 trillion) under the National Infrastructure Pipeline for FY25.
SBI Capital Markets Limited and HDFC Bank Limited are appointed as the lead managers to the issue. Axis Trustee Services Limited has been appointed as the sole Trustee of the Trust. The Units are proposed to be listed on BSE and NSE.
