Trilegal advised IRB InvIT Fund on landmark INR 32,484 million QIP, the largest InvIT QIP in YTD Fiscal 2026
The Leading Law firm in India, Trilegal acted as legal counsel to IRB InvIT Fund (“Trust”) and IRB Infrastructure Private Limited (“Investment Manager”) as to Indian law in relation to the largest qualified institution placement (“QIP”) of units by an InvIT in YTD Fiscal 2026, aggregating to INR 32,484.30 million.
IRB InvIT Fund, India’s first publicly listed infrastructure investment trust under the SEBI (Infrastructure Investment Trusts) Regulations, 2014, undertook an institutional placement of 541,405,000 units at ₹60 per unit, representing a 4.29% discount to the floor price of ₹62.69 per unit, aggregating to ₹32,484.30 million.
As of June 30, 2025, the Trust operated and maintained 2,421 lane kilometers across a portfolio of six operational projects, including five Build-Operate-Transfer road infrastructure assets and one Hybrid Annuity Mode road infrastructure asset, across the western and southern belt of India in Punjab, Karnataka, Rajasthan, Tamil Nadu, Maharashtra, and Gujarat, offering a mix of fixed and variable revenue-generating assets.
The proceeds of the QIP are to be used for part funding of consideration for the acquisition of the Target SPVs from IRB Infrastructure Trust (“Private Trust”), including by way of shareholder loans to Target SPVs for repayment/prepayment, in full or part, of the outstanding subordinated debt and unsecured loans availed by the Target SPVs and other general corporate purposes.
The Trilegal Capital Markets team was led by Abhinav Maker (Partner), and supported by Mrinal Kumar (Associate), Kalyan Reddy (Associate), Varda Saxena (Associate), K. Prashant Agrawal (Associate), and Revant Gupta (Trainee Associate).
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