NHAI InvIT raises Rs.1,217-Cr

National Highways Infra Trust, the publicly-listed infrastructure investment trust (InvIT) of National Highways Authority of India (NHAI), has raised INR 1,217 crore from a follow-on offer. The latest issue involves the addition of three toll roads to the InvIT's current portfolio — the Agra Bypass stretch in Uttar Pradesh (32.8 km), Shivpuri–Jhansi stretch in Madhya Pradesh (75.3 km), and Borkhedi–Kelapur stretch in Maharashtra (138.15 km). These assets reportedly have an enterprise value of approximately INR 3500 crore. The InvIT has also filed a draft prospectus to raise INR 1500 crore through the issue of non-convertible debentures. Last year, the InvIT had attracted investments from CPPIB and Ontario Teachers' Pension Fund (OTPP) at an enterprise value of INR 8,011 crore.