Indus Infra Trust
Mainboard₹2,500 Cr issue
+1.00%
Listing gain over issue price
Issue size
₹2,500 Cr
1 lot at cut-off
₹15,000
Lot size
150shares
Open
28 Feb 2024
Close
01 Mar 2024
Allotment
06 Mar 2024
Listing
12 Mar 2024
Listing performance
Issue price
₹100
Listed at
₹101
Listing-day close
₹103.05
Latest price
₹124
Close on 23 Oct 2026
Listing gain
+1.00%
Return since issue
+23.99%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 28 Feb 2024 – 01 Mar 2024
- Listing date
- 12 Mar 2024
- Issue price
- ₹100 per share
- Lot size
- 150 shares
- Total issue size
- ₹2,500 Cr
- Market cap at offer price
- ₹4,429 Cr
- ISIN
- INE0NHL23019
- Registrar
- Kfin Technologies Ltd.
- Lead managers
- ICICI Securities Ltd.
- Registered office
- Novus Tower,, Second Floor, Plot No. 18,, Sector 18, Haryana
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 | 8,25,97,350 | — | — |
| 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
8,25,97,350
Anchor portion
₹826 Cr
at ₹100 per share
Valuation and performance
Valuation at offer price
₹100 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| Market cap | — | ₹4,429 Cr |
About Indus Infra Trust
Bharat Highways InvIT (registered as an irrevocable trust on June 16, 2022, and as an InvIT on August 3, 2022) is acquiring 100% equity shares in seven Project Special Purpose Vehicles (SPVs) that operate road concession assets granted by the National Highways Authority of India (NHAI). The InvIT's business model is centered on receiving fixed semi-annual annuity payments from NHAI under Hybrid Annuity Model (HAM) concession agreements. The seven InvIT Assets are operational road projects located in Maharashtra, Andhra Pradesh, Punjab, Gujarat, and Uttar Pradesh with residual concession periods ranging from approximately 11.07 to 13.51 years as of January 31, 2024. The InvIT will acquire these assets from G R Infraprojects Limited (GRIL), the Settlor, through formation transactions, and will be managed by GR Highways Investment Manager Private Limited.
Company Analysis
from RHPBharat Highways InvIT is an infrastructure investment trust that owns and operates seven road assets across India on a hybrid annuity model, generating fixed annuity income from the National Highways Authority of India.
Bharat Highways InvIT (registered as an irrevocable trust on June 16, 2022, and as an InvIT on August 3, 2022) is acquiring 100% equity shares in seven Project Special Purpose Vehicles (SPVs) that operate road concession assets granted by the National Highways Authority of India (NHAI). The InvIT's business model is centered on receiving fixed semi-annual annuity payments from NHAI under Hybrid Annuity Model (HAM) concession agreements. The seven InvIT Assets are operational road projects located in Maharashtra, Andhra Pradesh, Punjab, Gujarat, and Uttar Pradesh with residual concession periods ranging from approximately 11.07 to 13.51 years as of January 31, 2024. The InvIT will acquire these assets from G R Infraprojects Limited (GRIL), the Settlor, through formation transactions, and will be managed by GR Highways Investment Manager Private Limited.
infrastructureroad transportation and highwaystoll road operations
Objects of the Issue
- Repayment or pre-payment of loans from external lenders and Project Manager p.29
- Providing loans to the Project SPVs for repayment/pre-payment, in part or in full, of their respective outstanding loans and NCDs (including any accrued interest and prepayment penalty) [●] million (to be determined; approximately ₹28,014.12 million identified as of February 1, 2024) p.74
- General purposes [●] million (not exceeding 10% of Issue Proceeds) p.78
- Use of Proceeds - to be specified on page 72 p.105
- Funding construction and acquisition capex for existing and proposed projects p.72
- Repayment of project debt and borrowings p.235
- General corporate purposes and working capital p.227
- Acquisition of 100% equity shares of all SPVs by the Trust from G R Infraprojects Limited p.273
- General corporate purposes and working capital requirements of the InvIT
- Funding the Sponsor Contribution: Pursuant to the Commitment Letter, the Sponsor has agreed to contribute at least 15% of the total Units of the InvIT on a post-Issue basis to comply with SEBI InvIT Regulations requirements At least 15% of total issue size (approximately ₹3,750 million based on the stated total issue size of ₹25,000 million) p.368
Issue Structure
- Total Issue
- ₹ 25,000.00 million
- Fresh Issue
- [●] Units
- Price Band
- ₹ [●] per Unit (Floor Price) to ₹ [●] per Unit (Cap Price)
- Lot Size
- [●]
Business Model
The InvIT generates revenue exclusively from fixed semi-annual annuity payments received from NHAI under the Concession Agreements for the seven road assets operating on the Hybrid Annuity Model. It earns distributions by receiving interest, dividends, principal repayments and buy-back of shares from the Project SPVs, net of applicable taxes and expenses. The InvIT is required to distribute not less than 90% of net distributable cash flows of each Project SPV to Unitholders on a half-yearly basis.
Business Segments
Road asset operating on Hybrid Annuity Model under NHAI concession
Road asset operating on Hybrid Annuity Model under NHAI concession
Road asset operating on Hybrid Annuity Model under NHAI concession
Road asset operating on Hybrid Annuity Model under NHAI concession
Road asset operating on Hybrid Annuity Model under NHAI concession
Road asset operating on Hybrid Annuity Model under NHAI concession
Road asset operating on Hybrid Annuity Model under NHAI concession
Four laning of Phagwara to Rupnagar section of NH-344A
Four laning with paved shoulder of Porbandar - Dwarka section of NH-8E
Four laning of Gundugolanu – Devarapalli – Kovvuru section of NH-16
Four laning of Akkalkot – Solapur section of NH – 150E with paved shoulders including Akkalkot bypass
Six laning of Handia to Varanasi section of NH-2
Four-laning of Sangli – Solapur section of NH-166
Four laning of Dwarka (Kuranga) – Khambhaliya – Devariya section of NH 151A
Four-laning of Phagwara to Rupnagar section of NH-344A, 80.820 km in Punjab, operating on HAM basis with NHAI
Four-laning with paved shoulder of Porbandar-Dwarka section of NH-8E, 117.748 km in Gujarat, operating on HAM basis
Four-laning of Gundugolanu-Devarapalli-Kovvuru section of NH-16, 69.884 km in Andhra Pradesh, operating on HAM basis
Four-laning of Akkalkot-Solapur section of NH-150E with paved shoulders, 38.952 km in Maharashtra, operating on HAM basis
Six-laning of Handia to Varanasi section of NH-2, 72.398 km in Uttar Pradesh, operating on HAM basis
Four-laning of Sangli-Solapur section of NH-166, 45.6 km in Maharashtra, operating on HAM basis
Four-laning of Dwarka-Khambhaliya-Devariya section of NH-151A, 71.89 km in Gujarat, operating on HAM basis
The Project SPVs provide operation and maintenance of highway projects, including ensuring safe and uninterrupted use of project highways, traffic control, patrolling, emergency assistance to motorists, recovery services for disabled vehicles, and compliance with safety requirements.
The Project SPVs station patrolling vehicles including tow cranes and ambulances on each road to provide emergency assistance to motorists, handle vehicle breakdowns and accidents, deploy first aid services, and clear obstructions to ensure smooth traffic flow.
Construction and operation of national highway under DBFOT concession arrangement with NHAI
Construction and operation of national highway under DBFOT concession arrangement with NHAI
Construction and operation of national highway under DBFOT concession arrangement with NHAI
Construction and operation of national highway under DBFOT concession arrangement with NHAI
Construction and operation of national highway under DBFOT concession arrangement with NHAI
Construction and operation of national highway under DBFOT concession arrangement with NHAI
Construction and operation of national highway under DBFOT concession arrangement with NHAI
Revenue recognized during construction phase as services are performed on percentage of completion basis for Design, Build, Operate and Transfer (DBOT) road projects
Revenue generated from annual operation and maintenance services on road infrastructure with periodic maintenance obligations under concession agreements, with annual O&M costs adjusted for inflation
Interest income recognized on financial assets representing unconditional contractual right to receive fixed annuity payments from NHAI including interest at applicable rates under service concession arrangements
All the Project SPVs currently operate only road projects and therefore the InvIT has only one business segment
Four-lane national highway (NH-344A) from Phagwara to Rupnagar in Punjab, 80.82 km length, design and construction of four laning of existing 2-lane carriageway to 4-lane divided carriageway under HAM model
Four-lane national highway (NH-8E) from Porbandar to Dwarka in Gujarat, 117.75 km length, under HAM concession model with NHAI
Four-lane national highway (NH-16) from Gundugolanu to Devarapalli in Andhra Pradesh, 69.88 km length, under HAM model
Four-lane national highway (NH-150E) from Akkalkot to Solapur in Maharashtra, 38.95 km length, under HAM concession model
Six-lane national highway (NH-2) from Handia to Varanasi in Uttar Pradesh, 72.64 km length, under HAM model for NHDP Phase V
Four-lane national highway (NH-166) from Watambare to Mangalwedha in Maharashtra, 45.60 km length, under HAM model
Four-lane national highway (NH-151A) from Dwarka to Devariya in Gujarat, 71.57 km length, under Bharatmala HAM model
Four-lane divided carriageway with median, service roads, rigid pavement (PQC 300mm) on GSB, from km 379+100 to km 493+850
Four-lane divided carriageway with flexible pavement (BC 50mm, DBM 50mm, WMM 200mm) from km 493+850 to km 496+848
Service roads constructed at 7 locations along project highway with total length 11.955 km (net 5977.5 km), width 5.5-7.0m, flexible pavement
2 toll plazas (Kuchadi at km 409+500 and Okhamadi at km 470+875), each with 10 lanes (5+5), hybrid ETC system, toll collection and traffic management
Major bridges, minor bridges, vehicular/pedestrian underpasses, ROB, flyovers, box culverts, pipe culverts, slab culverts for drainage and cross-connectivity
Emergency call back system, mobile radio communication, meteorological data system, variable message signboards, automatic traffic counter/classifier, CCTV surveillance at 4 locations
Four-laning of 71.89 km section of NH-151A from Kurangak Khambhallya to Devariya under the Bharatmala project on Hybrid Annuity Mode
Operating toll plaza with Hybrid ETC (Electronic Toll Collection) system and toll management system for revenue generation
Routine and major maintenance of the highway, including pavement maintenance, drainage, structures, and safety requirements over the 15-year operation period
SWOT Analysis
Strengths
- • Established portfolio of seven operational road assets on hybrid annuity model(p.21)
- • Predictable revenue from NHAI annuity payments(p.22)
- • Reasonable due diligence conducted on Project SPVs prior to acquisition(p.26)
- • Established track record in road infrastructure operations and maintenance(p.58)
- • Geographically diversified portfolio of operational road assets(p.58)
- • Stable, long-term predictable cash flows with no construction risk(p.72)
- • Natural hedge against adverse interest rate movements(p.61)
- • Experienced management team with focus on corporate governance(p.72)
- • Sizeable portfolio of stable revenue generating HAM assets with no construction risk and long-term predictable cash flows(p.149)
- • Revenue entirely from NHAI annuities eliminates traffic volume risk(p.149)
- • Geographic diversification across five states reduces concentration risk(p.149)
- • Natural hedge against adverse interest rate movements(p.150)
- • Right of first offer (ROFO) for future asset acquisitions from sponsor(p.150)
- • Experienced management team with proven track record in road sector(p.150)
- • Sponsor has established track record in operating and maintaining road projects(p.150)
- • Established track record in road project development, operation, and management(p.163)
- • Integrated in-house materials supply chain and O&M team coordination(p.164)
- • Comprehensive traffic assistance and emergency response infrastructure(p.164)
- • Qualified professional management team for InvIT operations(p.165)
- • Material assets covering 23 ROFO projects with potential for future acquisition(p.162)
- • Established SPV group with 7 highway projects across multiple geographies(p.257)
- • Multiple projects in varying stages of completion with established revenue generation(p.258)
- • Governance framework with board committees including Audit, Risk Management, and Nomination & Remuneration(p.225)
- • Established portfolio of operational HAM projects across multiple Indian states(p.294)
- • Strong revenue generation from service concession arrangements with fixed annuity payments(p.303)
- • Experienced sponsor with proven track record in infrastructure development and project execution(p.294)
- • Diversified asset portfolio across multiple projects reducing concentration risk(p.284)
- • Positive operating cash flow generation from all projects(p.287)
- • Established operational revenue model from NHAI annuity payments(p.314)
- • Multiple completed and operational HAM projects generating stable cash flows(p.315)
- • Diversified portfolio across 7 Project SPVs with projects in multiple states(p.315)
- • Access to structured financing with lenders having obtained necessary consents(p.325)
- • Projects are non-seasonal with predictable revenue streams(p.315)
- • Established portfolio of operational highway projects generating predetermined annuity revenues(p.442)
- • Revenue secured through fixed annuity payments that cannot be modified by market circumstances(p.442)
- • Across multiple states with diversified geographic footprint(p.411)
- • Projects have achieved commercial operation, de-risking construction phase(p.377)
- • Long-tenure operational periods reducing refinancing risk(p.412)
- • Concession agreement with clearly defined terms and structural arrangements(p.485)
- • Provisional and Final Completion Certificates achieved ahead of schedule(p.485)
- • Comprehensive asset base with well-maintained structures(p.516)
- • Pavement condition in good state across entire stretch(p.551)
- • Modern toll collection and traffic management systems operational(p.508)
- • Established O&M organization with dedicated manpower(p.539)
- • Comprehensive O&M contract with clear accountability and performance standards(p.554)
- • Well-defined maintenance requirements with penalty provisions to ensure contractor performance(p.555)
- • Fixed lump sum O&M payment structure provides cost certainty(p.557)
- • Lender protection through substitution rights in case of concessionaire default(p.553)
- • Safety requirements prioritized and enforced through O&M contract(p.556)
- • Sound structural condition of bridges and culverts(p.1021)
- • Good pavement quality across project stretch(p.946)
- • Comprehensive toll plaza infrastructure with modern technology(p.974)
- • Adequate drainage and slope protection systems(p.895)
- • Well-maintained safety features including crash barriers(p.897)
- • New, sound structural condition across all major infrastructure(p.1019)
- • Comprehensive modern toll collection and traffic management systems in place(p.1088)
- • Good pavement condition overall with riding quality within acceptable limits(p.1070)
- • Well-established operation and maintenance framework with dedicated staff(p.1083)
- • Extensive drainage infrastructure with regular maintenance(p.1051)
- • Multiple safety facilities including emergency call booths and variable message signboards(p.1094)
- • Comprehensive pavement design with 30-year life expectancy(p.1313)
- • Good pavement condition across entire project length(p.1316)
- • Sound structural condition of bridges and culverts(p.1290)
- • Low roughness index indicating good riding quality(p.1321)
- • Extensive drainage and safety infrastructure in place(p.1305)
- • Comprehensive concession agreement with clear revenue model(p.1330)
- • Structured payment model with financial support during construction(p.1330)
- • Early completion incentive structure(p.1330)
- • Mobilization advance available for project startup(p.1331)
- • Lender risk mitigation through substitution agreement(p.1333)
- • Strong toll plaza infrastructure with modern equipment(p.1339)
Weaknesses
- • Newly established trust with no operating history(p.20)
- • Limited ability to recover claims against Investment Manager and Trustee(p.42)
- • Dependence on third parties for O&M operations(p.29)
- • Fixed concession periods with limited residual life(p.21)
- • Investment Manager has no experience managing InvITs(p.38)
- • High financial leverage with significant debt burden(p.74)
- • Dependence on a limited number of high-value concession assets(p.58)
- • Concentration of assets with single grantor (NHAI)(p.60)
- • Newly established Investment Manager with limited track record(p.60)
- • Investment Manager is newly incorporated with no prior track record(p.121)
- • Dependence on GRIL for project management and shared services(p.148)
- • Shared Services Agreement creates ongoing dependence on GRIL(p.106)
- • Significant outstanding debt obligations on existing projects(p.162)
- • Potential health, safety, and environmental compliance costs and liabilities(p.165)
- • Concession assets revert to NHAI at end of concession period with no residual value(p.165)
- • Multiple termination triggers and financial penalties tied to performance defaults(p.171)
- • High leverage with consolidated borrowings of ₹43,383.12 million against equity of ₹12,186.03 million(p.254)
- • Dependence on NHAI for concession agreements and regulatory compliance(p.257)
- • Project concentration with 7 SPVs in highway sector only(p.258)
- • Cash generation challenges with net cash used in operating activities in FY2022(p.253)
- • Heavy dependence on single customer (NHAI) for 100% of receivables and revenue(p.284)
- • High leverage with debt-to-equity ratio of 3.56 times(p.287)
- • Significant contingent tax liabilities for indirect tax matters(p.286)
- • High finance costs representing 79.37% of total expenses for H1 FY2024(p.310)
- • Uncertain deferred tax position following ownership transition to InvIT(p.279)
- • High debt burden and leverage with total borrowings of ₹43,383.12 million as of September 30, 2023(p.315)
- • Restrictive covenants limiting business flexibility and operational decision-making(p.320)
- • Declining profitability with net profit decreasing from ₹1,494.46 million in Fiscal 2021 to ₹628.68 million in Fiscal 2022(p.313)
- • Significant finance costs increasing by 29.91% from ₹2,648.58 million in Fiscal 2021 to ₹3,440.87 million in Fiscal 2022(p.313)
- • Dependence on single counterparty (NHAI) for operational revenue(p.314)
- • Dependence on single counterparty for revenue—NHAI as sole annuity payer(p.442)
- • Portfolio concentration in a single sponsor-owner (GR Infraprojects Limited) pre-acquisition(p.414)
- • Exposure to ongoing indirect tax litigations with uncertain outcomes(p.445)
- • Limited operational flexibility due to fixed O&M contract with transferor GR Infraprojects(p.444)
- • Valuation heavily dependent on management's financial projections with significant assumptions(p.399)
- • Significant upcoming capital requirements for major maintenance cycles(p.541)
- • Long concession period creates extended operational and maintenance obligations(p.485)
- • No specific threshold or periodicity defined for major maintenance requirements(p.541)
- • Vulnerability to vegetation and debris accumulation requiring regular intervention(p.532)
- • O&M payment inadequate to cover all concessionaire expenses beyond routine maintenance(p.557)
- • Termination payment during construction period insufficient to compensate concessionaire expenses(p.551)
- • Multiple pending structural works creating deficiency liability exposure(p.627)
- • Pavement condition in fair to poor state at multiple locations near project end(p.684)
- • Balance works remain due to land acquisition issues(p.940)
- • Significant balance work outstanding(p.940)
- • Incomplete maintenance of water drainage infrastructure(p.947)
- • Expansion joints requiring regular cleaning(p.948)
- • Pending rubble pitching work at bridge approaches(p.948)
- • Significant balance works still pending due to land unavailability(p.1073)
- • Hair cracks and aging distress appearing in main carriageway(p.1071)
- • Thermoplastic paint fading at multiple locations(p.1071)
- • Metal beam crash barriers experiencing frequent damage(p.1071)
- • Drain cover cracks requiring rectification(p.1072)
- • Vegetation and debris accumulation in cross-drainage structures(p.1072)
- • Significant land acquisition delays affecting full construction(p.1255)
- • Incomplete slope protection on high embankments(p.1294)
- • Partial single-lane construction at multiple locations due to LA issues(p.1315)
- • High reliance on land availability for project completion(p.1311)
- • Balance works remaining at 87.07% physical progress(p.1323)
- • Dependence on Authority for land acquisition and right of way procurement(p.1327)
- • Significant project delays already experienced due to land acquisition(p.1357)
- • High performance security requirement during construction(p.1326)
- • Concessionaire bears all project risks(p.1326)
- • Exposure to maintenance cost overruns(p.1331)
Opportunities
- • Acquisition of new infrastructure assets through ROFO Agreement(p.24)
- • Growth through strategic acquisitions of operational road assets(p.21)
- • Expansion of portfolio to generate higher distributions(p.34)
- • Expansion of road infrastructure portfolio through ROFO rights(p.58)
- • Growth through acquisition of third-party road assets(p.62)
- • Large-scale government-backed infrastructure development program(p.57)
- • Strong government support for road infrastructure development(p.57)
- • India's favorable economic growth trajectory(p.56)
- • Strong government focus on road sector with substantial budget allocations(p.149)
- • Bharatmala Pariyojana creates pipeline of ~24,800 km of highway development(p.150)
- • Access to growing pipeline of GRIL-developed road assets through ROFO(p.106)
- • Favorable long-term infrastructure investment outlook in India(p.141)
- • Strong projected GDP growth to support infrastructure demand(p.141)
- • Expansion through ROFO portfolio of 23 identified road assets with significant bid costs(p.162)
- • Geographic diversification across multiple Indian highways spanning diverse regions(p.162)
- • Long-term concession periods (15 years of operation) providing stable revenue streams(p.167)
- • Hybrid annuity model provides government support during operations phase(p.168)
- • Government focus on National Highways Development with dedicated fund structure(p.229)
- • Tax incentives available for highway sector participants(p.230)
- • Private sector participation framework with hybrid annuity model(p.230)
- • Opportunity to acquire additional infrastructure assets through InvIT structure(p.239)
- • Strategic expansion through Right of First Offer for additional ROFO assets(p.294)
- • Growing government focus on road infrastructure development in India(p.295)
- • Increasing annuity payments through inflation indexation in concession agreements(p.295)
- • Significant upside from revenue recognition as projects transition from construction to operations(p.311)
- • Potential for growth through HAM concessions with defined long-term revenue visibility(p.318)
- • Consistent monthly revenue generation from operational projects across all SPVs(p.316)
- • Government commitment to massive highway expansion under Bharatmala and Gati Shakti programs(p.438)
- • Strong government budgetary support and allocation to road sector(p.439)
- • NHAI planning to raise funds and monetize assets through InvIT structure(p.436)
- • Increasing investor appetite for infrastructure investment trusts as vehicle for highway monetization(p.434)
- • Projected strong growth in road infrastructure market(p.439)
- • Toll revenue generation from high-traffic corridor connecting major Punjab cities(p.486)
- • Service road and project facilities supporting ancillary revenue opportunities(p.493)
- • Planned major maintenance cycles with defined timelines for controlled expenditure(p.542)
- • Modern highway infrastructure enabling future capacity or service enhancements(p.486)
- • Systematic maintenance cycle with periodic major maintenance planned over concession period(p.108)
- • Advanced toll collection and traffic management systems enabling operational efficiency(p.574)
- • Well-equipped toll plazas with modern facilities supporting revenue operations(p.677)
- • Planned periodic maintenance cycle every 7 years(p.963)
- • Potential for improved riding quality through pavement management(p.963)
- • Comprehensive O&M framework with defined schedules(p.941)
- • Extended concession period for revenue optimization(p.941)
- • Strategic location on National Highway-2 connecting major urban centres(p.1074)
- • Revenue generation through hybrid toll collection system operational at two plazas(p.1062)
- • Extended concession period with 15 years of O&M revenue post-COD(p.1083)
- • Government O&M payments provide stable revenue stream(p.1077)
- • Potential to reduce major maintenance costs through improved routine maintenance(p.1087)
- • Operational toll plaza generating revenue(p.1309)
- • 15-year operation period with annuity payments(p.1313)
- • Established routine and periodic maintenance framework(p.1213)
- • Traffic Management System and toll collection system deployed(p.1321)
- • 15-year operational period generating recurring annuity payments(p.1331)
- • State support agreement enabling faster clearances and land acquisition(p.1333)
- • Provisional certificate pathway reducing completion risk(p.1329)
- • Toll revenue generation from four-lane national highway(p.1324)
- • Established O&M framework with cost estimates and professional staffing(p.1335)
Threats
- • NHAI approval conditions are restrictive and may not be met(p.21)
- • Risk of early termination of Concession Agreements by NHAI(p.22)
- • Inability to recover O&M cost increases through annuity revisions(p.24)
- • Floating interest rate exposure on Project SPV borrowings(p.31)
- • Regulatory framework governing InvITs is evolving and untested(p.36)
- • Potential stamp duty demands on Concession Agreements(p.30)
- • Dependence on NHAI for concession policy and support(p.33)
- • Risk of labour strikes and wage pressures(p.34)
- • Regulatory changes and policy uncertainty in India(p.44)
- • Risk of land acquisition delays and disputes affecting project execution(p.44)
- • Dependence on Indian economic conditions and growth slowdown(p.44)
- • Inflation impacting operational and maintenance costs(p.45)
- • Foreign exchange volatility affecting foreign investor returns(p.45)
- • Tax law changes and uncertainty affecting financial performance(p.45)
- • Risk of India's sovereign credit rating downgrade(p.45)
- • Entire revenue dependent on NHAI annuity payments and government policy(p.149)
- • Subject to regulatory requirements and NHAI concession agreement terms(p.149)
- • Formation transactions subject to NHAI approval and conditions(p.107)
- • Infrastructure investment trust registration subject to SEBI conditions(p.145)
- • NHAI payment defaults could impair debt service and operational expenses(p.172)
- • Force majeure events exempt counterparty from default obligations(p.171)
- • Construction period delays could trigger termination and limit recovery(p.171)
- • Maintenance standard compliance breaches expose to termination risk(p.171)
- • Road asset acquisition conditions and criteria constrain ROFO expansion optionality(p.162)
- • Regulatory dependence on NHAI for termination provisions and concession modifications(p.216)
- • Force majeure and operational disruption risks on highway operations(p.217)
- • NHAI failure to provide statutory clearances could delay project progress(p.217)
- • Traffic and revenue volatility dependent on external factors including fuel prices and monsoons(p.230)
- • Currency and commodity price fluctuation risks in construction and operations(p.227)
- • Exposure to interest rate risk on floating-rate borrowings not protected by concession agreements(p.295)
- • Reliance on government policy and budgetary allocations for infrastructure sector(p.296)
- • Intense competition for acquisition of profitable road concessions(p.296)
- • Macroeconomic risks affecting Indian economy and road sector demand(p.295)
- • Pending indirect tax disputes totalling ₹2,339.90 million with uncertain outcome(p.286)
- • Significant regulatory and compliance liabilities related to mining and environmental violations involving GRIL(p.332)
- • Interest rate volatility exposure affecting borrowing costs(p.315)
- • Multiple pending litigation matters against Associate GRIL with potential material financial exposure(p.331)
- • Mandatory prepayment obligations triggered by change of control events requiring NHAI consent(p.319)
- • Dependence on lender waivers for mandatory prepayment requirements upon InvIT formation(p.319)
- • Revenue volatility linked to interest rate changes through variable interest on annuities(p.443)
- • Government policy or legal changes could alter concession terms(p.380)
- • GST law changes could reduce revenue if reimbursement claims are challenged or reversed(p.445)
- • Traffic and toll collection uncertainty affecting operational expenses and revenue realization(p.439)
- • Terminal value eliminated due to asset reversion at concession end, limiting perpetual value creation(p.405)
- • Climate and seasonal factors affecting pavement and drainage integrity(p.487)
- • Competing regulated toll corridors and alternative route development reducing traffic(p.486)
- • Traffic volatility and monsoon-dependent revenue fluctuations(p.487)
- • Infrastructure deterioration risk at grade-separated structures and culverts requiring timely intervention(p.532)
- • Regulatory changes in toll collection policies or fuel taxation impacting revenue predictability(p.541)
- • High accident rate with wrong-side driving as primary cause requiring urgent remediation(p.576)
- • Slope instability and erosion damage requiring expensive protective remediation(p.665)
- • Weather-dependent drainage maintenance needed to prevent accumulation and damage(p.664)
- • Land acquisition delays impacting completion of planned infrastructure(p.627)
- • High accident rate from over-speeding(p.975)
- • Drunken driving causing significant accidents(p.976)
- • Monsoon rainfall impacts on drainage and pavement(p.999)
- • Extreme temperature fluctuations affecting pavement durability(p.999)
- • Regulatory uncertainty regarding completion certificate issuance(p.995)
- • High accident frequency with over-speeding as major cause(p.1099)
- • Unauthorized access by locals requiring ongoing closure and maintenance(p.1071)
- • Risk of pavement deterioration requiring major maintenance within 7 years(p.1085)
- • Weather-dependent drainage and waterway maintenance needs(p.1052)
- • Potential penalties for maintenance breach and default under Concession Agreement(p.1076)
- • Inflation impact on O&M and maintenance costs over 15-year period(p.1086)
- • Severe weather events causing infrastructure damage(p.1321)
- • Dependency on authority for land acquisition and right-of-way(p.1219)
- • Significant balance works pending across multiple work categories(p.1323)
- • Regulatory requirements for safety and maintenance standards(p.1313)
- • Construction timeline risks with penalties for delays(p.1328)
- • Termination risk for extended project delays(p.1328)
- • Environmental and tree-felling dependencies creating delay risks(p.1327)
- • Low damages compensation for right-of-way delays(p.1327)
- • Over-speeding driving behavior causing accidents(p.1349)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Aadharshila Infratech Private Limited | Sponsor | — | at least 15% |
| G R Infraprojects Limited (GRIL) | Settlor/Associate of Investment Manager | — | [●]% |
| Aadharshila Infratech Private Limited | Sponsor and Project Manager | 15% | At least 15% |
| G R Infraprojects Limited (GRIL) | Original Settlor / Seller of Project SPVs | — | — |
| Aadharshila Infratech Private Limited | Sponsor | — | At least 15% on a post-Issue basis |
| GRIL | Promoter/ROFO Agreement holder | — | — |
| Aadharshila Infratech Private Limited (AIPL) | Sponsor | — | At least 15% (per commitment letter, subject to conditions) |
| GR Infraprojects Limited (GRIL) | Promoter/Settlor | 100% (of SPV Group shareholding) | — |
| G R Infraprojects Limited (GRIL) | Settlor / Holding Company / 100% current owner of SPVs | 100% | — |
| Aadharshila Infratech Private Limited | Sponsor and Project Manager (w.e.f. 24.11.2023) | — | — |
| Aadharshila Infratech Private Limited (AIPL) | Sponsor | — | At least 15% (as per Sponsor Contribution requirement under SEBI InvIT Regulations) |
| GR Porbandar Dwarka Expressway Private Limited (PDEPL) | Concessionaire/Project Developer | — | — |
| GR Infraprojects Limited | O&M Contractor (mentioned in context of Phagwara project, not this project) | — | — |
| GR Dwarka Devariya Highway Pvt. Ltd. | Concessionaire/Special Purpose Vehicle | — | — |
Leadership
Mohnish Dutta · Compliance Officer
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Offer documents
Indus Infra Trust IPO FAQs
What is the lot size of Indus Infra Trust IPO?
The minimum lot size of Indus Infra Trust IPO is 150 shares. One lot costs ₹15,000 at the cut-off price.
When does Indus Infra Trust IPO open and close?
Indus Infra Trust IPO opened for subscription on 28 Feb 2024 and closed on 01 Mar 2024.
What is the listing date of Indus Infra Trust IPO?
Indus Infra Trust IPO listed on 12 Mar 2024.