SEBI has issued new guidelines for Infrastructure Investment Trusts (InvITs), allowing them to take on debt beyond the existing 49% cap relative to the value of their assets. The change opens a fresh funding route for InvITs to finance capital expenditure, upgrades, and repairs across infrastructure projects. While the move could improve liquidity for asset maintenance and growth plans, it also raises fresh questions about leverage levels, risk management, and how investors will weigh the new capital structure.
IRB Infrastructure Trust has proposed a non-binding deal to sell two revenue-generating BOT highway assets, valued at about Rs 4,663 crore, to IRB InvIT Fund. The offer covers Solapur Yedeshi NH211 and Chittorgarh Gulabpura NH79, totaling 1,144 lane km. Valuation is based on an independent valuer’s assessment as of March 31, 2026. If approvals and clearances come through, IRB Infra Trust would use proceeds for future opportunities while IRB InvIT gains a larger asset portfolio and longer weighted average concession life, supporting its Rs 1,40,000 crore target by 2029.
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With many IPOs failing to inspire, investors are showing strong demand for REITs and InvIT issuances. The reason: these trusts typically generate stable, annuity-like income from operational assets, translating into more predictable cash flows. In a choppy equity environment, that balance of resilience and returns is drawing capital away from traditional listings toward these infrastructure and real estate vehicles.
Citius TransNet Investment Trust units made a solid market debut at a 4.5% premium, listing at Rs 104.50 versus the Rs 100 issue price. The Rs 1,105 crore fresh issue attracted strong demand with a 10.42x subscription. The InvIT oversees over 3,400 lane-km of road assets, supported by stable toll and annuity revenue streams.
NDR InvIT plans to raise Rs 726.8 crore through a preferential issue to accelerate its expansion, after completing a Rs 410 crore bond issuance. The funds will support acquisitions such as NDR Space Private Limited and ongoing projects, as the trust ramps up warehousing capacity and pushes into new cities to strengthen its logistics platform.
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