Trilegal Advises Indus Infra Trust on INR 2,000 crore Institutional Placement

Trilegal acted as the legal counsel to the Issue for the INR 17,000.00 million (or USD 179.84 million) Institutional Placement of units by Indus Infra Trust (“Trust”), a publicly listed infrastructure investment trust, formerly known as Bharat Highways InvIT.

Trilegal advised the Trust and a consortium of lead managers comprising of ICICI Securities Limited, Avendus Capital Private Limited, HDFC Bank Limited and Motilal Oswal Investment Advisors Limited (“Lead Managers“) on institutions placement by the Trust through issuance of 142,857,142 units at INR 119.00 per unit (including a discount of 4.87% on the floor price) (“Institutional Placement”).

Trilegal also advised on the preferential issue by the Trust through issuance of 25,210,084 units to Aadharshila Infratech Private Limited (“Sponsor”) at a price of INR 119.00 per unit (“Preferential Issue”). The Preferential Issue aggregated to approximately INR 3,000.00 million (or USD 31.74 million), taking the combined transaction value to approximately INR 20,000.00 million [(or USD 211.58 million).]

The proceeds of the Institutional Placement are proposed to be utilised inter-alia for (i) part or fully funding the acquisition of two (2) SPVs from the KNR Constructions Limited and one (1) SPV from Uralungal Labour Contract Co-operative Society Limited (“Target SPVs”), (ii) funding the payment of holdback amounts pursuant in accordance with the share purchase agreements of the Target SPVs and/or providing shareholder loans to the Target SPVs for repayment or prepayment of the outstanding senior loans availed by the Target SPVs.

Trilegal also separately advised Indus Infra Trust on the proposed acquisition of HAM Road Assets in Kerala from Uralungal Labour Contract Co-operative Society Limited (ULCCS) and in Andhra Pradesh, Kerala and Tamil Nadu from KNR Constructions Limited.

The Trust, which listed its units on BSE and NSE on March 12, 2024, with an initial public offering that raised approximately INR 25,000.00 million, has pursued follow-on capital initiatives to strengthen its balance sheet and support ongoing accretive acquisitions and refinancing strategies in terms of its investment objectives.

The Trilegal Capital Markets Practice team advising on the matter was led by Partner: Abhinav Maker; and comprised of Senior Associate: Jayant Saxena; and Associates: Mrinal Kumar, Kalyan Reddy, Varda Saxena, K Prashant Aggarwal and Saakshe Jain.