IPOs a first for infrastructure investment trusts

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J Sagar Associates (JSA) was legal counsel to IRB InvIT Fund in its recent US$785 million IPO, on the Bombay Stock Exchange and the National Stock Exchange of India. Investment trusts specifically for the infrastructure sector (InvITs) were introduced to India in 2014 and this was the first IPO by an InvIT.

JSA’s team comprised joint managing partner Dina Wadia, partner Arka Mookerjee, principal associate Shaswata Dutta, senior associate Swapneil Akut, and associates Viraj Bathe, Harshad Vaswani and Stuti Shah. Wadia told India Business Law Journal that JSA has advised the fund’s sponsor, road developer IRB Infrastructure Developers, right from the setting up of the InvIT.

“The regulations were evolving during the course of the transaction”, said Wadia. The lawyers on the deal had to “constantly brainstorm” as certain settled principles could not be applied directly to this product. “Other regulators also needed to amend certain legislations to ensure that the product does not get stuck due to regulatory issues. As a matter of fact, the amendment to the deposit regulations came just before the offer opened.”

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