Mumbai: IRB Infrastructure Trust was listed here today on the National Stock Exchange as the “1st Private InvIT” listed on the NSE, following SEBI guidelines — on listing framework for the non-listed Infrastructure Investment Trusts – that came into force few months ago.
IRB Infrastructure Trust – a privately-placed InvIT sponsored by India’s largest integrated highways infrastructure developer IRB Infrastructure Developers Limited with investment from the GIC Affiliates, a Sovereign Wealth Fund of Singapore — is the 3rd Entity in the IRB Infra Group to get listed, where IRB is the Sponsor and Project Manager of this Trust.
Virendra D Mhaiskar, Chairman of IRB Infrastructure Trust and CMD of the Sponsors IRB Infrastructure Developers Limited, said, “The idea behindpresenting this future ready trust to public markets today — which is the third listing from IRB group — was to have better disclosure norms and bring in more transparency.”
“The last four years witnessed the project portfolio of the Trust making stupendous progress in achieving a size of almost 27,000 Crores Enterprise Value with balance concession life of 18+ years,” he said, adding, “This development platform of IRB with marque investor like GIC – sovereign wealth fund of Singapore, will create immense value for the whole IRB group and provide strong growth potential going forward.”
The valuation of the Trust units was determined basis third party evaluation and further endorsed by Trusts’ investors as well. The value ascertained comes to around 16 times FY24 revenue, which will further keep appreciating with more projects coming in.
The Sponsor of IRB Infrastructure Trust, IRB Infrastructure Developers Limited is India’s “largest integrated, multi-national infrastructure developer with the largest project portfolio of 23 highway projects comprising around 16,000 lane Kms and enterprise value of Rs 62,000 Crores.
IRB Infrastructure Trust is a privately placed InvIT registered under the Indian Trusts Act 1882 and SEBI’s Infrastructure Investment Trusts Regulations 2014. The Trust is held by the IRB Infrastructure Developers Ltd. as Sponsors with stake of 51% and 49% by GIC Affiliates.
The Trust has acquired 10 BOT road assets with 6,275 Lane Kms, in the States of Maharashtra, Gujarat, Rajasthan, Goa, Karnataka, Haryana, Uttar Pradesh and West Bengal, which are being managed in pursuant to concessions granted by the National Highways Authority of India. The projects under the Trust have concessions varying between 17 to 29 years.
