82,597,350 Units of Bharat Highways InvIT are subject to a Lock-Up Agreement Ending on 4-APR-2024.
April 03, 2024
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82,597,350 Units of Bharat Highways InvIT are subject to a Lock-Up Agreement Ending on 4-APR-2024. These Units will be under lockup for 31 days starting from 4-MAR-2024 to 4-APR-2024.
Details:
Sponsor and Sponsor Group lock-in In terms of the SEBI InvIT Regulations, the Sponsor and Sponsor Group shall hold at least 15% of Units on a post-Issue basis, which shall be locked-in for a period of three years from the date of listing of the Units, subject to the conditions specified in the SEBI InvIT Regulations. Further, the Sponsor and Sponsor Group shall hold at least (a) 5% of Units on a post-Issue basis, from the beginning of the fourth year and till the end of fifth year from the date of listing; (b) 3% of Units on a post-Issue basis, from the beginning of the sixth year and till the end of tenth year from the date of listing; (c) 2% of Units on a post-Issue basis, from the beginning of the eleventh year and till the end of twentieth year from the date of listing; and (d) 1% of our Units on a post-Issue basis after the completion of the twentieth year, from the date of listing, pursuant to the Issue. Further, the unitholding of the Sponsor and Sponsor Group, exceeding 15% on a post-Issue basis, shall be locked-in for a period of not less than one year from the date of listing of the Units.
Any Units Allotted to Anchor Investors in the Issue shall be locked-in for a period of 30 days from the date of Allotment.
Bharat Highways InvIT is an India-based infrastructure investment trust. The Trust acquires, manages and invests in a portfolio of infrastructure assets across sectors and/or securities of companies engaged in the infrastructure sector. Its portfolio assets consist of seven road assets, all operating on HAM basis, in the states of Punjab, Gujarat, Andhra Pradesh, Maharashtra and Uttar Pradesh. It consists of approximately 497.292 kilometers (km) of constructed and operational roads. Its assets include Phagwara-Rupnagar, Porbandar-Dwarka, Varanasi-Handia, Akkalkot-Solapur, Sangli-Solapur, Gundugolanu-Devarapalli-Kovvuru and Dwarka-Khambhaliya-Devariya. Aadharshila Infratech Private Limited (AIPL) is the sponsor and the project manager of the Trust. GR Highways Investment Manager Private Limited (GRHIMPL) is the investment manager of the Trust. IDBI Trusteeship Services Limited is the trustee of the Trust.