Bharat Highways Invit IPO: Check date, size and key other details

The price band of the upcoming IPO will be announced soon. The company had filed draft papers for the IPO in December last year and received approval earlier from the markets regulator Securities and Exchange Board of India (SEBI) this year. 

Also read: Exicom Tele-Systems announces IPO dates to raise ₹329 crore via fresh issue

The company intends to utilize the net proceeds to extend loans to the Project SPVs (special purpose vehicles) for the repayment of outstanding loans, inclusive of any accrued interest and prepayment penalties. 

Additionally, the remaining funds will be allocated towards general corporate purposes. As of February 1, 2024, the Project SPVs held a cumulative outstanding external borrowing of ₹3,568.22 crore.

Preceding the IPO, GR Infraprojects has entered into a share purchase agreement (SPA) with Bharat Highways InvIT for the divestment of its entire equity share 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.

Also read: GPT Healthcare IPO opens tomorrow: GMP, issue details, 10 key things to know before investing in ₹525-crore issue

Bharat Highways InvIT operates as an infrastructure investment trust with a primary objective to acquire, manage, and invest in a diversified portfolio of infrastructure assets across India, in accordance with the permissible activities outlined in the SEBI InvIT Regulations.

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Published: 21 Feb 2024, 06:54 PM IST