April 30, 2018 / 10:48 AM / a year ago

India infrastructure trust to list via $487 million private placement - IFR

SINGAPORE (Reuters) - India’s IndInfravit Trust will launch a 32 billion-rupee ($487 million) private placement of new units on Thursday, IFR reported, citing a deal term sheet.

A total of 323 million units - 279 million primary and 44 million secondary - will be sold at a fixed price of 100 rupees each, or an annual implied rate of return of 12 percent, IFR, a Thomson Reuters publication, said.

L&T Infrastructure Development Projects Ltd (L&T IDPL) is the sponsor of the trust and also the vendor of the secondary units.

Books will close on May 4 and listing on the local stock exchanges will take place on May 10, IFR said, adding Citigroup and ICICI Securities are the lead managers to the issue.

A spokesman for Larsen & Toubro (L&T), India’s biggest engineering company and L&T IDPL’s parent, did not immediately respond to an emailed request for comment.

The infrastructure investment trust (InvIT) comprising road assets will be the first in India to list through a private placement.

IRB InvIT Fund and India Grid Trust are the only two other listed InvITs in India. Both are still trading below prices of their 2017 IPOs.

($1 = 66.4150 Indian rupees)

Reporting by Anuradha Subramanyan of IFR; Editing by Muralikumar Anantharaman

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