Reliance Infrastructure files fresh InvIT IPO papers, lowers target to Rs2,500 crore
Reliance Infrastructure’s InvIT IPO comprises units aggregating to Rs2,500 crore with an option to retain over subscription of up to 25% of the issue size
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New Delhi: Anil Ambani Group flagship Reliance Infrastructure Ltd has filed fresh papers with markets regulator Securities and Exchange Board of India (Sebi) for its proposed InvIT Fund initial public offer (IPO), reducing the issue size to Rs2,500 crore from Rs3,000 crore earlier.
The IPO comprises “units aggregating to Rs2,500 crore with an option to retain over subscription of up to 25% of the issue size in accordance with the InvIT Regulations”, as per the revised draft paper.
Last December, Reliance Infrastructure had filed draft papers with Sebi to garner Rs3,000 crore through an infrastructure investment trust (InvIT).
InvIT are debt instruments which can be traded in the market and can act as investment vehicles for the sponsors. Listing of instruments enables promoters to monetise completed assets and raise funds for other long-term projects.
Reliance Infrastructure will be the sponsor of InvIT Fund and Reliance Nippon Life AMC will be its investment manager. The issue is being managed by Axis Capital, DSP Merrill Lynch, UBS Securities, SBI Capital Markets and Yes Securities.
So far, only IRB Infrastructure Developers’ infrastructure investment trust—IRB InvIT Fund—has hit the market for an IPO. It is aiming to raise more than Rs5,000 crore through the issue.
Reliance Group companies have sued HT Media Ltd, Mint’s publisher, and nine others in the Bombay High court over a 2 October 2014 front-page story that they have disputed. HT Media is contesting the case.