NHAI offers three additional roads to its InvIT totalling 247 km

State-owned National Highways Authority of India on Friday said that as part of the government's monetisation strategy, it has offered additional three roads aggregating 247 km to its Infrastructure Investment Trust (InvIT).

In a statement, the National Highways Authority of India (NHAI) further said its InvIT has announced a distribution of Rs 0.79 paisa per unit to its unit holders for the year ended March 31, 2022.

Initially, the InvIT had a portfolio of five operating toll roads with an aggregate length of 390 kilometres and these roads are located across the states of Gujarat, Karnataka, Rajasthan and Telangana.

NHAI had granted new concessions of 30 years for these roads.

The NHAI InvIT had issued 59.52 crore units, and Rs 47.02 crore has been distributed to the investors, according to the statement.

This maiden distribution will reinforce the confidence that the investors have shown in NHAI InvIT, as it achieves a big milestone in its journey to emerge as a major vehicle to support NHAI's monetisation efforts, it added.

NHAI InvIT's units were listed on the National Stock Exchange and BSE in November 2021 at Rs 101 per unit with an Enterprise Valuation of Rs 8,012 crore.

NHAI chairperson Alka Upadhyaya said with the success of NHAI InvIT, the state-owned agency has continued to deliver on its commitments under the National Monetisation Pipeline (NMP).

This will go a long way in realising the vision of developing world-class and sustainable National Highway infrastructure in the country, she added.

NHAI had launched its InvIT as a mode to monetise operational roads, as it has the largest share under the NMP.

In its first offering last year, NHAI InvIT had attracted two international pension funds, namely Canada Pension Plan Investment Board and Ontario Teachers' Pension Plan Board, as anchor investors.

According to the statement, the balance units were subscribed to by a diversified set of domestic institutional investors, comprising pension funds, insurance companies, mutual funds, banks, and financial institutions.