Kairus Shavak Dadachanji, chairman of the Dadachanji Group of Companies invested Rs 156 crore through a bulk deal as the wealthy investor bought 1.5 crore units in Shrem InvIT at Rs 104 per unit, the company said in a release. The move resulted in 4.6% stake holding in the infrastructure trust.
Dadachanji had started with a small investment at the time of initial public offer of Shrem InvIT.
“This investment shows that Indian family offices and corporates are appreciating InvIT structures,” said Nitan Chhatwal, CEO at Shrem Infra Structure.
Shrem InvIT holds a bouquet of 24 assets with an ideal mix of annuity, HAM (hybrid annuity model) and toll projects across five states in the country. It has made five quarterly distributions so far since its initial listing last year in September aggregating to Rs 17.92 per unit, according to a press release.
The company is in the process of acquiring 10 more assets. Out of which 4 projects will be acquired in November this year and the balance by March 2023. These are road assets located in different states like Karnataka, Chhattisgarh, Madhya Pradesh, Jharkhand, Maharashtra, Odisha, and Andhra Pradesh. The total lane km of the 10 newly acquired assets is approximately 2501 km.
Investments in InvITs are gaining traction these days, the company said in the release.
“The model paints a win-win situation for investors as well as infrastructure developers as it enables release of capital to developers for funding new infrastructure projects while providing steady long term attractive returns for investors.”