AH
Anantam Highways InvIT
Mainboard₹400 Cr issue
+3.00%
Listing gain over issue price
Issue size
₹400 Cr
1 lot at cut-off
₹15,000
Lot size
150shares
Allotment
14 Oct 2025
Listing
16 Oct 2025
Listing performance
Issue price
₹100
Listed at
₹103
Listing-day close
₹106.25
Latest price
₹104.09
Listing gain
+3.00%
Return since listing
+4.09%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Grey market premium
Unofficial and indicative — not a forecast
₹0
3 observations recorded — too few to plot a trend.
Day-wise premium · 3 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 17 Oct 2025 | ₹0 | 0.00% | ₹0 | ₹100 | ₹0 |
| 16 Oct 2025 | ₹0 | 0.00% | — | ₹100 | ₹0 |
| 15 Oct 2025 | ₹0 | 0.00% | — | ₹100 | ₹0 |
Gain per lot assumes the premium holds to listing and that the application is allotted — allotment in an oversubscribed issue is a lottery, so it is indicative, not expected. Sauda is the rate paid for a submitted application itself.
Issue details
- Listing date
- 16 Oct 2025
- Issue price
- ₹100 per share
- Lot size
- 150 shares
- Total issue size
- ₹400 Cr
- Market cap at offer price
- ₹2,175 Cr
- ISIN
- INE1UA823019
- Registrar
- Kfin Technologies Ltd.
- Lead managers
- Nuvama Wealth Management Ltd.
- Registered office
- 33rd Floor, Sunshine Tower, Senapati Bapat Marg, Dadar West,, Maharashtra
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 1,79,99,850 | — | — |
| Market maker | 0 | — | — |
Application size
Minimum 150 shares per lot, in multiples, at ₹100
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 150 | ₹15,000 |
| Retail (max) | 13 | 1,950 | ₹1,95,000 |
| S-HNI (min) | 14 | 2,100 | ₹2,10,000 |
| S-HNI (max) | 66 | 9,900 | ₹9,90,000 |
| B-HNI (min) | 67 | 10,050 | ₹10,05,000 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Shares allocated
1,79,99,850
Anchor portion
₹180 Cr
at ₹100 per share
Valuation and performance
Valuation at offer price
₹100 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| Market cap | — | ₹2,175 Cr |
About Anantam Highways InvIT
Anantam Highways Trust (the Trust) is an Indian infrastructure investment trust sponsored by Alpha Alternatives Fund Advisors LLP, established on July 24, 2024 and registered with SEBI on August 19, 2024. The Trust proposes to invest in road infrastructure assets through a portfolio of seven Project SPVs spanning 271.65 kilometers (1,086.60 lane kilometers) across Karnataka, Telangana, Gujarat, Bihar, Tamil Nadu, and Puducherry. These Projects are based on public-private partnerships under the Hybrid Annuity Mode (HAM), where the government shares project costs during construction and provides fixed annuities during operations. The Projects benefit from long-term concession agreements with the National Highways Authority of India (NHAI) with residual concession periods ranging from 12.65 to 13.42 years as of June 30, 2025. Revenue from operations totaled ₹9,265.46 million for fiscal 2025.
Company Analysis
from RHPAnantam Highways Trust is an infrastructure investment trust that invests in road infrastructure assets operated under public-private partnerships across India.
Anantam Highways Trust (the Trust) is an Indian infrastructure investment trust sponsored by Alpha Alternatives Fund Advisors LLP, established on July 24, 2024 and registered with SEBI on August 19, 2024. The Trust proposes to invest in road infrastructure assets through a portfolio of seven Project SPVs spanning 271.65 kilometers (1,086.60 lane kilometers) across Karnataka, Telangana, Gujarat, Bihar, Tamil Nadu, and Puducherry. These Projects are based on public-private partnerships under the Hybrid Annuity Mode (HAM), where the government shares project costs during construction and provides fixed annuities during operations. The Projects benefit from long-term concession agreements with the National Highways Authority of India (NHAI) with residual concession periods ranging from 12.65 to 13.42 years as of June 30, 2025. Revenue from operations totaled ₹9,265.46 million for fiscal 2025.
road infrastructurehighwaysinfrastructure investmentpublic-private partnerships
Objects of the Issue
- Providing loans to the Project SPVs for repayment or pre-payment of debt, including any accrued interest p.32
- General purposes p.32
- Issue Expenses p.32
- Refinancing of existing debt of the Project SPVs Portion from ₹33,000 million proposed bank facilities p.70
- General corporate purposes and working capital of the Trust p.334
- Acquisition of equity stake in Project SPVs p.277
- General corporate purposes and debt repayment p.283
- Providing loans to the Project SPVs for repayment or pre-payment of debt, in part or in full, including any accrued interest, of their respective outstanding borrowings ₹3,760.00 million p.334
- General corporate purposes p.334
- Acquisition of 100% equity stake in the seven highway SPVs from existing shareholders p.481
- Repayment/pre-payment of outstanding loans from banks p.1048
- Issue related expenses and general corporate purpose expenses p.1048
Issue Structure
- Total Issue
- Up to ₹4,000.00 million
- Fresh Issue
- Up to [●] Units
- Price Band
- Floor Price: ₹ [●] per Unit; Cap Price: ₹ [●] per Unit
- Lot Size
- ₹ [●]
Business Model
The Trust generates revenue through Hybrid Annuity Mode (HAM) concession agreements with NHAI, where the concessioning authority shares project costs during construction and provides fixed annuity payments, interest on reducing balance of completion cost, and O&M payments (all linked to inflation) during operations. This model eliminates traffic volume risk by providing predetermined fixed annuities to concessionaires while NHAI assumes traffic risk.
Business Segments
Four lane highway with aggregate length of 38.00 kms, comprising NH-648 from km 42.00 to km 80.00 of Dodaballapur Bypass to Hoskote section on Hybrid Annuity Mode in Karnataka
Four lane highway with aggregate length of 52.60 kms, comprising NH-363 from km 42.00 to km 94.60 on Repallewada to Telangana/Maharashtra Border on Hybrid Annuity Mode in Telangana
Four lane highway with aggregate length of 50.45 kms, comprising NH-151A of Dhrol – Bhadra Patiya and Bhadra Patiya – Pipaliya sections on Hybrid Annuity Mode in Gujarat
Four lane and two lane highway with aggregate length of 47.40 kms, comprising NH-131A of Narenpur - Purnea section on Hybrid Annuity Mode in Bihar
Four lane highway with aggregate length of 29.00 kms, comprising Viluppuram- Puducherry section of NH-45A (new NH-332) under Bharatmala Priyojana Phase I on Hybrid Annuity Mode
Four lane highway with aggregate length of 27.100 kms, comprising Bangalore to Malur section of Bangalore Chennai Expressway on Hybrid Annuity Mode under Bharatmala Pariyojana in Karnataka
Four lane highway with aggregate length of 27.10 kms, comprising Malur to Bangarpet section of Bangalore Chennai Expressway on Hybrid Annuity Mode under Bharatmala Pariyojana in Karnataka
Road asset operation under hybrid annuity model concession in Karnataka
Road asset operation under hybrid annuity model concession in Telangana
Road asset operation under hybrid annuity model concession in Gujarat
Road asset operation under hybrid annuity model concession in Bihar
Road asset operation under hybrid annuity model concession in Tamil Nadu
Road asset operation under hybrid annuity model concession in Karnataka
Road asset operation under hybrid annuity model concession in Karnataka
Four-lane highway project of 38.00 km on NH-648 from Dodaballapur Bypass to Hoskote in Karnataka, operated under HAM with NHAI
Four-lane highway project of 52.60 km on NH-363 from Repallewada to Telangana/Maharashtra Border in Telangana, operated under HAM with NHAI
Four-lane and two-lane highway project of 49.00 km on NH-131A from Narenpur to Purnea in Bihar, operated under HAM with NHAI
Four-lane highway project of 50.45 km on NH-151A in Gujarat (Dhrol-Bhadra Patiya and Bhadra Patiya-Pipaliya sections), operated under HAM with NHAI
Four-lane highway project of 27.10 km on Bangalore-Chennai Expressway from Bangalore to Malur in Karnataka, operated under HAM with NHAI
Four-lane highway project of 27.10 km on Bangalore-Chennai Expressway from Malur to Bangarpet in Karnataka, operated under HAM with NHAI
Four-lane highway project of 29.00 km on NH-45A (new NH-332) from Viluppuram to Puducherry across Tamil Nadu and Puducherry Union Territory, operated under HAM with NHAI
Construction, operation and maintenance of National Highway No. 648 from Km 42.000 to Km 80.000 comprising four-lane project
Construction, operation and maintenance of National Highway No. 363 from Km 42.000 to Km 94.602 comprising four-lane project
Construction, operation and maintenance of National Highway No. 45A (new NH 332) from km 0.000 to km 29.000 comprising four-lane project
Construction, operation and maintenance of National Highway No. 131A comprising four-lane and two-lane sections with paved shoulders
Construction, operation and maintenance of Bangalore–Malur section comprising four-lane project
Construction, operation and maintenance of Malur to Bangarpet section of Bangalore Chennai Expressway comprising four-lane project
Four lane highway with aggregate length of 50.45 kms, comprising NH-151A of Dhrol – Bhadra Patiya section and Bhadra Patiya – Pipaliya section on hybrid annuity model in Gujarat, operated by NHAI
Four lane highway with aggregate length of 38.00 kms, comprising NH-648 from km 42.00 to km 80.00 of Dodaballapur Bypass to Hoskote section on Hybrid Annuity Mode in Karnataka, operated by NHAI
Four lane highway with aggregate length of 52.60 kms, comprising NH-363 from km 42.00 to km 94.60 on the Repallewada to Telangana/Maharashtra Border on Hybrid Annuity Mode in Telangana, operated by NHAI
Four lane highway with aggregate length of 29.00 kms, comprising Viluppuram- Puducherry section of NH-45A under Bharatmala Priyojana Phase I on Hybrid Annuity Mode in Tamil Nadu and Puducherry, operated by NHAI
Four lane and two lane highway with aggregate length of 47.40 kms, comprising NH-131A of Narenpur - Purnea section on Hybrid Annuity Mode in Bihar, operated by NHAI
Four lane highway with aggregate length of 27.100 kms, comprising Bangalore to Malur section of Bangalore Chennai Expressway on Hybrid Annuity Mode under Bharatmala Pariyojna in Karnataka (Phase-I Package-I), operated by NHAI
Four lane highway with aggregate length of 27.10 kms, comprising Expressway from Km 26.400 to Km 53.500 of Malur to Bangarpet section of Bangalore Chennai Expressway on Hybrid Annuity Mode under Bharatmala Pariyojana in Karnataka (Phase I -Package II), operated by NHAI
Operates a four-lane highway of 27.1 km from Bangalore (Hoskote) to Malur in Karnataka under HAM model on NH-207, part of Bangalore Chennai Expressway under Bharatmala Pariyojana Phase-I Package-I
Operates a four-lane highway of 50.45 km on NH-151A from Dhrol-Bhadra Patiya to Pipaliya section in Gujarat under HAM model, operated by NHAI
Operates a four-lane highway of 38 km from Dodaballapur Bypass to Hoskote section on NH-648 in Karnataka under HAM model, operated by NHAI
Operates a four-lane highway of 29 km from Viluppuram to Puducherry section on NH-45A in Tamil Nadu under HAM model, operated by NHAI
Operates a four-lane highway of 27.1 km from Malur to Bangarpet section on NH-207 (Bangalore Chennai Expressway) in Karnataka under HAM model, operated by NHAI
Operates a highway of 49 km from Narenpur to Purnea section on NH-131A in Bihar under HAM model with sections upgraded to 4-lane and 2-lane standards, operated by NHAI
Operates a four-lane highway of 52.602 km from Repallewada to Telangana/Maharashtra border section on NH-363 in Telangana under HAM model, operated by NHAI
Four-laning of Viluppuram–Puducherry section from Km 0.000 to Km 29.000 under Bharatmala Phase I. Includes toll plaza with 7+1 lanes, structures, landscaping, and traffic management systems.
Four-laning from Km 0+000 to Km 26+400 of Bangalore to Malur section with interchange at start point. Includes 2 toll plazas, 4 major bridges, 13 minor bridges, and comprehensive road safety facilities.
Four-laning from Km 26.400 to Km 53.500 of Malur to Bangarpet section with 1 toll plaza, 9 major bridges, 27 minor bridges, 1 rest area, and complete ATMS infrastructure.
Construction and Operation of Four Lane Expressway from Km 26.400 to Km 53.500 Malur to Bangarpet Section of Bangalore Chennai Expressway on Hybrid Annuity Mode under Bharatmala Pariyojana in Karnataka
Construction and Operation of Highways
Construction and Operation of Highways
Construction and Operation of Highways
Construction and Operation of Highways
Construction and Operation of Highways
Construction and Operation of Highways
SWOT Analysis
Strengths
- • Attractive industry sector with strong government backing and policy support for infrastructure development(p.64)
- • Significant portfolio of long-term, completed, revenue-generating assets across multiple geographies(p.65)
- • Predictable cash flows from hybrid annuity model projects with traffic risk transfer to NHAI(p.65)
- • Strong operational support from experienced construction and infrastructure company Dilip Buildcon Limited(p.65)
- • Portfolio growth opportunities through right of first offer on future road infrastructure assets(p.65)
- • Strong governance framework with multiple board committees and policies for risk management and corporate governance(p.66)
- • Natural hedge against interest rate movements through MCLR-linked interest payments on HAM projects(p.66)
- • Selective acquisition strategy with established network leverage(p.67)
- • Access to divestment opportunities from leveraged entities(p.67)
- • Optimal capital structure and diversified funding capability(p.67)
- • Professional operational management through experienced partners(p.67)
- • Strong lineage and support from Sponsor and Project Manager(p.114)
- • Consistent and stable cash flows with long-term visibility and low counterparty risks(p.114)
- • Strong financial position(p.114)
- • Government support and established regulatory framework(p.114)
- • Skilled and experienced Investment Manager with strong corporate governance(p.114)
- • Skilled and experienced O&M Contractor(p.114)
- • Attractive government backing and sector priority for road infrastructure(p.280)
- • Strong portfolio of long-term revenue-generating operational assets(p.280)
- • Predictable cash flows from HAM model with traffic risk shifted to NHAI(p.281)
- • Strong sponsor and project management support with DBL as experienced O&M contractor(p.282)
- • Natural hedge against adverse interest rate movements in HAM projects(p.282)
- • Growth opportunities through ROFO agreements with DBL and Sponsor affiliates(p.281)
- • Residual concession periods provide long-term cash flow visibility(p.280)
- • Diverse geographic portfolio across multiple states(p.352)
- • Revenue assured under HAM model through annuity payments and interest on reducing balance(p.352)
- • Established operational infrastructure with all projects achieving provisional or final commercial operation dates(p.352)
- • Interest rate hedging mechanism built into revenue structure(p.353)
- • Hybrid Annuity Model provides revenue certainty with pre-determined annuity payments(p.520)
- • All SPVs fully operational and revenue-generating with completed construction(p.520)
- • Portfolio diversification across multiple states and highway corridors(p.481)
- • Reputable contractor (Dilip Buildcon) with majority stake ensuring operational oversight(p.484)
- • Long operational periods (13+ years remaining) provide sustained cash flow visibility(p.528)
- • Hybrid Annuity Model with government authority commitment(p.688)
- • Modern traffic management and safety infrastructure operational(p.651)
- • Comprehensive operational and maintenance framework established(p.656)
- • Completed pavement and drainage infrastructure across full project length(p.882)
- • All major structures completed and in good condition(p.882)
- • Operational toll plaza with modern ETC system(p.882)
- • Comprehensive road safety infrastructure deployed(p.882)
- • Medical and traffic aid facilities operational(p.882)
- • Hybrid Annuity Model provides guaranteed revenue stream(p.1047)
- • Diversified portfolio across seven highway projects in multiple states(p.1047)
- • Established asset ownership with completed construction phases(p.1040)
- • All projects have achieved Commercial Operation Date or Provisional COD(p.999)
Weaknesses
- • Newly established trust without established operating history or track record(p.20)
- • Formation transactions subject to certain conditions that could impact acquisition completion(p.20)
- • Dependence on O&M contractor (Dilip Buildcon Limited) for operational performance(p.66)
- • Limited operating history makes future assessment difficult(p.68)
- • Dependence on conditions precedent for Formation Transactions(p.68)
- • Limited recourse against sellers for defects in acquired assets(p.70)
- • Debt obligations subordinated to senior creditors in liquidation(p.93)
- • Limited management experience in InvIT operations(p.91)
- • Sponsor net tangible assets meet minimum but not substantially exceed threshold(p.116)
- • Investment Manager net worth meets minimum regulatory requirement(p.131)
- • Limited track record of Investment Manager (incorporated February 2024)(p.131)
- • High dependence on single concessioning authority (NHAI) for all projects(p.278)
- • Asset concentration across only five states and one union territory(p.280)
- • Limited portfolio diversification with only seven initial assets(p.277)
- • Dependence on DBL as O&M contractor and related party(p.282)
- • High leverage across Project SPVs with consolidated debt of ₹35.7 billion(p.341)
- • Significant unsecured and subordinated debt obligations to promoter(p.335)
- • Dependence on single lender for major refinancing with prepayment penalties(p.344)
- • Restrictive covenants limiting operational flexibility(p.344)
- • Heavy reliance on debt financing creating interest rate and refinancing risks(p.353)
- • High finance costs consuming significant portion of operating expenses(p.367)
- • Concentration risk with all projects operated by NHAI and dependent on government concession agreements(p.352)
- • Limited geographic diversification with projects concentrated in specific states(p.352)
- • Multiple pending regulatory and financial claims from Project SPVs against NHAI(p.397)
- • Significant GST and annuity payment disputes across multiple SPVs(p.398)
- • RHL faces withholding of annuity amounts and interest disputes(p.399)
- • Trustee faces multiple regulatory warnings and deficiency findings from SEBI(p.402)
- • Project SPVs have outstanding indirect tax cases with material exposure(p.404)
- • Concentration of 51% equity ownership by single contractor (Dilip Buildcon) creates dependency risk(p.484)
- • Ongoing material tax litigations across SPVs requiring management attention(p.533)
- • SPVs lack independent operational management - dependent on external O&M contractors(p.454)
- • Dependence on Extension of Time for completion due to land acquisition delays(p.661)
- • Incomplete project facilities with bus shelters not constructed(p.722)
- • Significant periodic maintenance costs accumulating during concession period(p.751)
- • Incomplete Punch List B items affecting final project completion(p.893)
- • High O&M cost spikes in specific years straining operational budgets(p.881)
- • Avenue plantation descoped from project scope creating maintenance liability gap(p.928)
- • Rest area de-scoped due to land unavailability(p.873)
- • High debt leverage relative to equity base(p.1037)
- • Concentrated revenue dependency on Hybrid Annuity payments from single grantor (NHAI)(p.1047)
- • Significant major maintenance expenditure peaks during concession period(p.981)
- • Limited asset diversification beyond highway infrastructure(p.996)
Opportunities
- • Significant government infrastructure spending with doubled road sector budget allocation(p.64)
- • Strong sector growth with 14% CAGR in road sector capex between fiscals 2018 and 2023(p.64)
- • Firm sector outlook supported by Bharatmala, pipeline projects, and steady state capex(p.64)
- • Improved private participation opportunity through HAM model with lower equity requirements(p.64)
- • Access to experienced sponsor network for infrastructure asset acquisitions and negotiation capabilities(p.65)
- • Portfolio expansion in hybrid annuity road infrastructure across regions(p.67)
- • Growth through ROFO acquisition opportunities from sponsors(p.72)
- • Sector tailwind from continued GoI infrastructure investment(p.71)
- • Expansion through acquisition of new infrastructure assets and projects(p.134)
- • Borrowing and leverage to enhance returns(p.136)
- • Divestment and monetization of completed infrastructure assets(p.134)
- • Strong government investment in road sector through Bharatmala and increased capex(p.280)
- • Expand portfolio through acquisition opportunities from leveraged private companies and PE investors(p.283)
- • Growing private participation in HAM projects due to reduced financial burden(p.280)
- • Leverage sponsor expertise and relationships to identify acquisition opportunities(p.283)
- • Reduction in consolidated debt-to-equity ratio through IPO proceeds deployment(p.333)
- • Post-Issue leverage headroom for future business expansion(p.348)
- • Scaling portfolio across multiple national highway concessions (7 SPVs covering diverse routes)(p.302)
- • Long-term contracted annuity revenue streams with 15-year repayment horizons(p.302)
- • Expansion through identified ROFO assets from DBL and Alpha entities(p.381)
- • Government support for road infrastructure development through continued budgetary allocations(p.353)
- • Growth potential from transitioning projects from construction to operational phases generating annuity revenue(p.352)
- • Asset monetization framework enabling operational asset trading through exit policies(p.386)
- • Government commitment to expand National Highway network with strong budgetary allocation(p.510)
- • National Highways network growth momentum with 60% expansion in last decade(p.505)
- • Strong demand for infrastructure investment with India targeting US$ 5 trillion economy by 2047(p.514)
- • Robust vehicle sales and traffic growth supporting toll and annuity revenue(p.514)
- • Government initiatives (Bharatmala, NHDP) providing pipeline of new road projects for portfolio growth(p.509)
- • Toll collection infrastructure and revenue generation capability(p.712)
- • Expansion of road network with service roads and slip roads(p.711)
- • Long-term concession period for operational revenue generation(p.716)
- • Bharatmala Programme integration enabling capacity enhancement across corridor(p.887)
- • ATMS implementation for enhanced traffic management and monitoring(p.876)
- • Toll collection system generating predictable revenue stream(p.868)
- • Strategic location connecting major cities enabling inter-regional connectivity(p.951)
- • Extended 17-year concession periods provide stable long-term revenue visibility(p.1040)
- • Bharatmala Pariyojana tailwind and government infrastructure investment focus(p.980)
- • Annuity payment structure includes inflation-linked interest component(p.979)
Threats
- • No established market for trust units with uncertain trading liquidity after listing(p.1)
- • Regulatory and policy uncertainty in infrastructure sector(p.20)
- • Macroeconomic risks including inflation, foreign exchange, and commodity price volatility(p.20)
- • Global trade tensions and tariff risks impacting infrastructure investment climate(p.60)
- • Dependence on NHAI as sole concessioning authority for all projects(p.62)
- • Limited concession periods restrict asset life and require continuous acquisition(p.71)
- • Dependence on NHAI annuity payments for revenue(p.76)
- • Operating cost inflation and material price volatility beyond control(p.77)
- • Regulatory policy changes affecting infrastructure sector(p.71)
- • Regulatory restrictions on debt financing and refinancing(p.84)
- • Natural disasters and extreme weather affecting operations and maintenance(p.77)
- • Competition law and CCI approval requirements for acquisitions(p.100)
- • Macroeconomic and FX volatility impacting costs and returns(p.95)
- • Dependence on continuation of concession agreements for project revenue(p.152)
- • Regulatory changes to InvIT framework and operational requirements(p.142)
- • Project SPV performance and operational risks(p.149)
- • Potential loss of Investment Manager or Project Manager due to change in control or termination(p.125)
- • Risk of changes in government policies and regulatory framework affecting projects(p.275)
- • Land acquisition delays historically impacting project execution and timelines(p.275)
- • Intense competition in road infrastructure sector compressing margins(p.274)
- • Economic slowdowns reducing government spending on infrastructure(p.274)
- • Commodity price volatility affecting project costs(p.274)
- • Force majeure events with uneven cost-sharing between parties post-COD(p.304)
- • Concession termination risk with extended cure periods creating operational uncertainty(p.306)
- • Regulatory approval dependency for ownership changes above 25% threshold(p.303)
- • Subordination to senior lender claims and lender substitution rights under concession agreements(p.304)
- • Dependence on Indian macroeconomic conditions and road infrastructure policy changes(p.353)
- • Changes in government policy toward private participation in road infrastructure(p.353)
- • Economic downturn impacting financing availability and cost(p.353)
- • Exposure to interest rate volatility despite hedging through annuity linkage(p.353)
- • Regulatory changes in environmental compliance and land acquisition laws(p.388)
- • Regulatory investigation into Trustee Association for alleged cartelization and excessive fees(p.401)
- • SEBI show cause notice regarding fit and proper criteria for trustee's key managerial person(p.402)
- • Substantial indirect tax disputes across Project SPVs with ₹2.6+ billion exposure(p.404)
- • Criminal litigation pending against Trustee involving alleged fraud and forgery(p.404)
- • Land acquisition delays and increased costs affecting project timelines and viability(p.514)
- • Weather events and climate change pose risks to O&M costs and asset integrity(p.515)
- • Uncertainty in toll/traffic revenue collection and variation from projections(p.514)
- • Rising O&M costs due to unforeseen maintenance needs beyond routine operations(p.514)
- • Regulatory approval delays and compliance requirements impacting project schedules(p.514)
- • Weather and natural calamity risks to infrastructure(p.752)
- • Regulatory compliance and maintenance penalties for breach(p.715)
- • High operational cost variability over extended concession period(p.752)
- • Public land acquisition issues blocking completion of peripheral works(p.893)
- • Extension of time required due to weather and utility shifting delays(p.894)
- • Periodic maintenance cost escalation in years 2031 and 2038(p.881)
- • Agricultural land conversion creating ongoing community engagement requirements(p.915)
- • Monsoon-dependent drainage performance during heavy precipitation events(p.897)
- • Regulatory changes to concession terms or annuity payment mechanisms(p.1040)
- • Interest rate risk on debt servicing and annuity discounting(p.1035)
- • Dependence on traffic volumes and toll collection performance for operational viability(p.983)
- • Natural calamity and disaster risks requiring major repairs(p.981)
- • Contingent liabilities related to indirect tax disputes and claims(p.1037)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Alpha Alternatives Fund Advisors LLP | Sponsor | — | Up to [●] Units |
| Alpha Alternatives Fund Advisors LLP | Sponsor | — | 15% (minimum for 3 years post-listing) |
| DBL (and DBL Infraventures Private Limited) | Original Seller / Shareholder | Collectively held stake before sale to Alpha Entities | — |
| Alpha Alternatives Infrastructure Fund, Alpha Alternatives Financial Services Private Limited, Spectrum Edge LLP, Build India Infrastructure Fund | Shareholders (Alpha Entities) | 46.00% collectively in each Project SPV (as of Offer Document date) | — |
| Alpha Alternatives Fund Advisors LLP | Sponsor | — | — |
| Build India Infrastructure Fund | Sponsor Group | — | — |
| Alpha Alternatives Fund Advisors LLP | Sponsor | — | — |
| Dilip Buildcon Limited | Seller and Project Manager | 50.98% (average across seven Project SPVs) | — |
| Dilip Buildcon Limited | Promoter | — | — |
| Alpha Alternatives Fund Advisors LLP | Sponsor | — | — |
| Alpha Alternatives Holdings Private Limited | Promoter Group | 99.99% | — |
| Naresh Kothari | Promoter | 0.01% | — |
| Dilip Buildcon Limited | Promoter/Holding Company | 51.02% (across all SPVs) | — |
| Alpha (including its associates) | Promoter Group | 45.99% (across all SPVs) | — |
| DBL Infraventure Private Limited | Promoter | 2.99% (across all SPVs) | — |
Leadership
Chandra Kant Sharma · Compliance Officer
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.