Highways Infrastructure Trust Rights Issue (Highways Infrastructure Trust Rights Issue 2023) Detail

Rights Issue Timetable

Highways Infrastructure Trust is an Indian infrastructure investment trust, which invests in road infrastructure assets, it is sponsored by Galaxy Investments II Pte. Ltd.

The Sponsor is affiliated with funds, vehicles, and/or entities managed and/or advised by affiliates of KKR. As of date, the Sponsor is a 100% subsidiary of Galaxy Investments Pte. Ltd., which is majority-owned and controlled by KKR Asia Pacific Infrastructure Holdings Pte. Ltd.

Highways Trust's portfolio consists of six Highways SPVs having an aggregate of 451.98 km (1,710 lane km), which comprise both, National Highways and State Highways, and are located in the states of Telangana, Gujarat, Madhya Pradesh, Meghalaya, Rajasthan, and Tamil Nadu:

1. The DBCPL Project is a four-lane highway with an aggregate length of 140.79 kilometres, between Bhopal to Dewas on State Highway 18* in Madhya Pradesh, operated by DBCPL.
2. the GEPL Project is a four-lane highway with an aggregate length of 87.10 kilometers, on the Godhra and the border between Madhya Pradesh and Gujarat on National Highway 59* in Gujarat, operated by GEPL.
3. The JPEPL Project, a four-lane highway with an aggregate length of 71.54 kilometers, between the Jodhpur and Pali sections on National Highway 65* in Rajasthan, is operated by JPEPL.
4. The NBL Project, a four-lane highway with an aggregate length of 30.89 kilometers, between the Kadtal and Armur sections on National Highway 7* in Telangana, is operated by NBL.
5. The SEPL Project, a two-lane highway with an aggregate length of 48.77 kilometers, comprising the Shillong bypass connecting National Highway 40* with National Highway 44* in Meghalaya, is operated by SEPL.
6. The UEPL Project, a four-lane highway with an aggregate length of 72.90 kilometers, between the Tindivanam and Ulundurpet sections on National Highway 45* in Tamil Nadu, is operated by UEPL.

The Projects are divided into two types on the basis of the implementation mode: (i) toll and (iii) annuity.

*Note: The State Highway and National Highway numbers and chainages are old Highway numbers and chainages, as per the concession agreements. The actual SH/NH numbers and chainages at the site may differ based on subsequent changes.

Objects of the Issue:

The company intends to utilize the net proceeds from the issue towards the funding of the following objects:

1. Acquisition of 100% of the issued, subscribed, and paid-up equity share capital of the Target SPV.
2. Repayment of the outstanding debt of the Target SPV.
3. General purposes.