Indian law firm Cyril Amarchand Mangaldas has advised NHAI InvIT (National Highways Infra Trust) (NHIT), a privately listed infrastructure investment trust, on the $740 million issuance of its units by way of an institutional placement to eligible investors.
J Sagar Associates represented a number of investors, including SBI Capital Markets, ICICI Securities and Axis Capital.
The deal also included a preferential issuance to its sponsor, the National Highways Authority of India (NHAI), for an amount aggregating to $130.5 million.
The additional units witnessed strong demand from both existing and new investors, including foreign pension funds, Canada Pension Plan Investment Board , and Ontario Teachers’ Pension Plan Board, domestic pension/provident funds, insurance companies, mutual funds, banks, and few others, NHAI said in a statement.
CAM’s capital markets team on the transaction comprised of REIT and InvIT practice head Kranti Mohan, capital markets partner Janhavi Seksaria, senior associates Mrudul Desai, Saloni Raj Tyagi, and Sarvpriya Mishra, and associates Iti Mishra, Niharika Sanadhya, Saksham Singh Khokhar, Arjun Nair, Shruti Maheshwari, Molika Agrawal, and Siddhant Mehta.
The competition law team comprised of practice head Avaantika Kakkar, partner Dhruv Rajain, and associates Svyambhuv Talwar and Aaditya Ranbir Sahgal.
JSA’s team advising the banks comprised partners Arka Mookerjee and Pracheta Bhattacharya, senior associate Sourav Modi, and associate Jeebitesh B.
The InvIT and REIT space is expected to see continued activity in 2024, the country’s lawyers say. Talwar Thakore & Associates advised American Tower Corp on its 100 percent acquisition of invIT Data Infrastructure Trust for $2.5 billion.
Shardul Amarchand Mangaldas & Co has advised the sponsor, investment manager and Bharat Highways InvIT on its $300 million initial public offering in India, with J. Sagar Associates advising the lead managers.
