IRB Infrastructure Developers has launched the IRB InvIT Fund, and infrastructure investment trust, with market regulator Securities and Exchange Board of India (Sebi) to raise as much as Rs.43,000 million (US$641 million).

IRB Infrastructure Private Limited, a wholly-owned subsidiary of IRB Infrastructure Developers and the investment manager to the Trust, has filed a draft offer document, in relation to an initial public offer of units representing an undivided beneficial interest in the Trust, with the SEBI, the BSE Limited and the National Stock Exchange of India Limited, in accordance with the InvIT Regulations.

InvITs are trusts that manage income-generating infrastructure assets, typically offering investors regular yield and a liquid method of investing in infrastructure projects.

The initial public offer consists of a fresh issue of Units, aggregating up to Rs. 43,000 million, by the Trust, and an offer for sale of Units by the Company and certain of its subsidiaries, namely Modern Road Makers Private Limited, Aryan Toll Road Private Limited, ATR Infrastructure Private Limited and Ideal Road Builders Private Limited.

The Investment Manager, in consultation with the global co-ordinators and book running lead managers and the book running lead managers to the Issue, reserves the option to retain oversubscription of up to 25% of the Issue size in accordance with the InvIT Regulations.