NHAI files papers with Sebi for Infrastructure Investment Trust

The National Highways Authority of India (NHAI) on Monday filed draft papers with Sebi for floating an Infrastructure Investment Trust (InVIT) through which it seeks to raise Rs 5,100 crore. InvITs are instruments on the pattern of mutual funds and are designed to pool small sums of money from a number of investors to invest in assets that give cash flow over a period of time. In addition, there would be an offer-for-sale (OFS) for which amount not specified in the draft papers. The units are proposed to be listed on the National Stock Exchange and the BSE. ICICI Securities, Kotak Mahindra Capital Company and SBI Capital Markets have been appointed as merchant bankers to the issue.