S&R Associates represented IRB Infrastructure Trust (“the InvIT”) in a INR 28.62 billion rights issue of 142.40 million units to eligible unitholders of the InvIT, which included IRB Infrastructure Developers Limited (the sponsor) and affiliates of GIC. The proceeds of the rights issue were used by the InvIT for investment in IRB Golconda Expressway, which operates and maintains a toll-road project in Hyderabad, India. This is the first fast-track rights issue by a privately placed and listed InvIT in India.
The S&R team was led by partner Pratichi Mishra, and included associates Dhanush Dinesh, Samyak Jain, Oshika Nayak, Shiv Kumar Sharma, Advaita Kapoor and Anushka Rungta.
For reference, please see the stock exchange announcement below in relation to the transaction:
https://archives.nseindia.com/corporate/IRBIT_10082023165903_IntimationAllotmentofUnitssd.pdf