About Company’s Business:
Established under SEBI InvIT Regulations, this infrastructure investment trust, formed by GRIL as the Settlor, focuses on acquiring and managing infrastructure assets in India. Registered with SEBI on August 3, 2022, the Sponsor specializes in transportation engineering testing services, with an accredited laboratory and an associate, NMHPL, engaged in road engineering and construction since 2017. The Sponsor, ensuring compliance with SEBI InvIT Regulations, possesses a proven track record in infrastructure development. The initial portfolio includes seven road assets operating on HAM basis in Punjab, Gujarat, Andhra Pradesh, Maharashtra, and Uttar Pradesh, all owned and operated by Project SPVs wholly owned by GRIL.
About the Industry:
As of 2023, India’s population stands at around 1,428.6 million, with a GDP of approximately ₹160 trillion in Fiscal Year 2023 (Base 2011-12). Despite a contraction in the first half of Fiscal Year 2021 due to the COVID-19 pandemic, the economy rebounded in the second half, with 9.1% growth in Fiscal Year 2022 and 7.2% in Fiscal Year 2023. The infrastructure sector in India, prioritized by the government, has seen increased public investment in roads, railways, power, ports, telecommunication, and civil aviation. Major reforms have resulted in robust growth, with a cumulative FDI equity inflow of $32.08 billion in construction activities in infrastructure from Fiscal Year 2001 to six months ended September 30, 2023. India boasts the second-largest road network globally, spanning 6.33 million km, categorized into national highways, state highways, district roads, and rural roads, contributing significantly to transportation and rural development.
Key Financial Information (â‚ą in million):
| Particulars | Six-month period ended Sep 30, 2023 | Year ended Mar 31, 2023 | Year ended Mar 31, 2022 | Year ended Mar 31, 2021 |
|---|---|---|---|---|
| Income | ||||
| (a) Revenue from operations | 3,680.65 | 15,094.87 | 15,857.02 | 21,539.65 |
| (b) Interest on deposits with banks | 173.91 | 225.80 | 104.76 | 36.59 |
| (c) Interest from vendor advance and income tax refund | 19.94 | 34.79 | 40.02 | 124.67 |
| (d) Other income | 10.90 | 19.24 | - | 3.02 |
| Total income (I) | 3,885.40 | 15,374.70 | 16,001.80 | 21,703.93 |
| Expenses | ||||
| (a) Sub-contractor charges | 372.76 | 4,118.72 | 11,381.55 | 16,365.78 |
| (b) Employee benefits expense | 2.05 | 3.77 | 3.92 | 4.58 |
| (c) Finance costs | 2,007.86 | 3,758.55 | 3,440.87 | 2,648.58 |
| (d) Other expenses | 147.00 | 283.82 | 332.27 | 341.77 |
| Total expenses (II) | 2,529.67 | 8,164.86 | 15,158.61 | 19,360.71 |
| Profit before tax (III) = (I-II) | 1,355.73 | 7,209.84 | 843.19 | 2,343.22 |
| Tax expense: | ||||
| (a) Current tax | 304.27 | 208.22 | 1.84 | - |
| (b) Adjustment of tax related to earlier year (net) | - | - | - | (202.75) |
| (c) Deferred tax charges | 37.93 | 1,731.15 | 212.67 | 1,051.51 |
| Total tax expenses (IV) | 342.20 | 1,939.37 | 214.51 | 848.76 |
| Net profit for the period/year (V) = (III-IV) | 1,013.53 | 5,270.47 | 628.68 | 1,494.46 |
| Other comprehensive income (OCI) (VI) | ||||
| (a) Items that will not be reclassified to profit or loss in subsequent year (net of tax) | - | - | - | - |
| (b) Items that will be reclassified to profit or loss in subsequent year (net of tax) | - | - | - | - |
| Other comprehensive income (net of tax) - (VII) = (V+VI) | 1,013.53 | 5,270.47 | 628.68 | 1,494.46 |
Objective of the Issue:
-
Providing loans to the Project SPVs for repayment/ pre-payment, in part or in full, of their
respective outstanding loans (including any accrued interest and prepayment penalty) -
General corporate purposes.
For more detailed information, you can refer to the IPO Prospectus (RHP) filed by the company.
| Important information regarding the IPO | |
|---|---|
| Open Date | Wednesday, February 28, 2024 |
| Close Date | Friday, March 1, 2024 |
| Issue Size | â‚ą2,500.00 Crores |
| Price | â‚ą98 to â‚ą100 per share |
| Lot Size | 150 Shares |
| Basis of Allotment | Monday, March 4, 2024 |
| Initiation of Refunds | Tuesday, March 5, 2024 |
| Credit of Shares to Demat | Tuesday, March 5, 2024 |
| Listing Date | Wednesday, March 6, 2024 |
How to apply for this IPO?
You can locate the redirection link to the IPO on the home screen of the Dhan App. Alternatively, you can access it by navigating to the “Money” Section at the bottom right and swiping right to reach the “IPO” Tab.
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