S&R Associates represented IRB InvIT Fund, a publicly listed infrastructure investment trust, in its INR 10.05 billion preferential issue of units to eligible investors. The proceeds from the preferential issue were used towards the acquisition of IRB Hapur Moradabad Tollway Limited, Kaithal Tollway Limited and Kishangarh Gulabpura Tollway Limited, which operate and maintain toll roads in the Indian states of Uttar Pradesh, Haryana and Rajasthan, by IRB InvIT Fund from IRB Infrastructure Trust (“Acquisition”).
S&R Associates also assisted in obtaining the approval of the Competition Commission of India for the Acquisition.
The S&R team was led by partner Pratichi Mishra and included associates Oshika Nayak, Shiv Kumar Sharma and Advaita Kapoor.
Head of competition Simran Dhir, partner Akshat Kulshrestha, and associates Prerna De, Sehaj Mahajan and Ritik Mohapatra assisted on competition law matters.
For reference, please see the stock exchange announcements below in relation to the transaction:
https://www.bseindia.com/xml-data/corpfiling/AttachHis/19158847-6a2f-4b25-9792-1fd751d2ae3a.pdf
https://www.bseindia.com/xml-data/corpfiling/AttachHis/fc2cde1e-1c1b-4f48-9e96-5bc045e6500a.pdf