The National Highways Authority of India-backed infrastructure investment trust Raajmarg Infra Investment Trust has filed offer document with market regulator Securities and Exchange Board of India (SEBI).
The trust has proposed an initial public issue of units worth up to Rs. 6,000 crore, making it one of the largest InvIT offerings in India’s infrastructure sector.
The public issue is scheduled to open on March 11, 2026, and close on March 13, 2026. The units will be listed on BSE Limited and National Stock Exchange of India, both of which have granted in-principle approvals.
The strategic investor portion makes up to Rs. 1,260 crore, which follows the limit of 5%–25% of net issue.
Excluding the strategic investors, the institutional portion makes up to 75% of net issue while the non-institutional portion will make at least 25% of net issue.
The investment manager is Raajmarg Infra Investment Managers Private Limited while the project manager is National Highways InvIT Project Managers Private Limited. The trustee for the InvIT is IDBI Trusteeship Services Limited. As part of regulatory requirements, NHAI will hold at least 15% of the post-issue unit capital.
InvITs allow long-term investors such as pension funds, insurance companies and sovereign funds to gain exposure to revenue-generating infrastructure assets while providing retail and non-institutional investors access to stable yield products.
The proceeds from the issue will be used for asset acquisitions, repayment of debt and general corporate purposes. The Raajmarg InvIT will hold toll road and highway assets transferred from NHAI, generating cash flows through user fees and annuity-based income.
This development is a major step in the government’s push to monetise operational highway assets and recycle capital into new infrastructure development.
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