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Raajmarg Infra Investment Trust (Trust) has been incorporated as an infrastructure investment trust and has registered with SEBI under the InvIT Regulations on December 22, 2025. It has been formed for the acquisition, operation, and maintenance of existing road infrastructure assets located in India. The toll roads of the Trust consist of the following stretches of toll roads: Gorhar to Barwa Adda Chilakaluripet – Vijayawada Chennai Bypass Chennai – Tada Nelamangala – Tumkur The Trust has been sponsored by the National Highways Authority of India (NHAI), which is an autonomous authority under the Ministry of Road Transport and Highways, Government of India. It has also appointed the Investment Manager, who has a team of qualified professionals with over two decades of experience in the roads and highways sector. The Trust has planned an initial portfolio of five existing toll road assets, which have been developed under the Toll Operate Transfer model of the National Highways Authority of India. These toll roads are located in the states of Jharkhand, Andhra Pradesh, Tamil Nadu, and Karnataka, forming part of the Golden Quadrilateral, with a total length of approximately 260.198 km.
Sotefin Bharat
Caliber Mining & Logistics
| Companies Name | Open - Close | Issue Size | Min. Qty | Issue Price | Apply |
|---|---|---|---|---|---|
Sotefin Bharat SME | 16th Jul 2026 - 20th Jul 2026 | 89.76 Cr | 600 Shares | ₹ 178.00 | |
Caliber Mining & Logistics Mainboard | 17th Jul 2026 - 21st Jul 2026 | 450.00 Cr | 35 Shares | ₹ 402.00 | |
Gulf Lloyds (India) SME | 20th Jul 2026 - 22nd Jul 2026 | 18.19 Cr | 1200 Shares | ₹ 100.00 |

Open Date
Mar 11, 2026
Close Date
Mar 13, 2026
Min Investment
₹15,000
Lot Size
150 Shares
Issue Size
₹6000 Cr
Price Range
₹99 - ₹99
Listing Date
Mar 24, 2026
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₹5,850 crore will be used by SPV to pay NHAI for InvIT asset concession values. Part of the IPO proceeds will be used for general corporate purposes and issue expenses
Debt Funding
97.5%
General corporate purposes
2.5%
₹5,850 crore will be used by SPV to pay NHAI for InvIT asset concession values.
Part of the IPO proceeds will be used for general corporate purposes and issue expenses
Times subscribed by category (bars capped at 10x for readability). Dashed line marks 1.0x (fully subscribed).
In Cr.
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Raajmarg Infra Investment Trust InvIT
G - 5 & 6, Sector 10 Dwarka New Delhi, New Delhi, 110075
NHAI fee rules have been framed based on the mechanism of changing the toll rates in such a way that the revenue model of the Trust remains protected from the vagaries of inflation. Every year, the toll rates increase by a fixed amount of 3% plus 40% of the change in the Wholesale Price Index (WPI).
As the sponsor of NHAI, an autonomous organisation under the Ministry of Road Transport and Highways, the Trust benefits from an unusually high level of institutional support. This is highlighted by the commitment of NHAI to hold at least 15% of the units for a period of at least 3 years, an indicator of an unusually high level of alignment with public investors. The Trust benefits from an unusually low level of counterparty risk, coupled with an enviable level of competitive advantage in an environment that is both highly regulated.
The Trust plans to raise up to ₹4,060 crore through bank loans, which means it will carry a significant amount of debt. With an estimated total valuation of around ₹9,298.7 crore and a weighted average cost of capital (WACC) of about 10.1%, any rise in market interest rates could increase financing costs. Meanwhile, toll rates are mainly regulated by government policy and are only partially adjusted based on changes in the Wholesale Price Index (WPI). As a result, the Trust may lack the flexibility to raise toll rates to cover higher interest expenses.
Toll revenue relies fully on the number and type of vehicles using the roads, which can change due to economic conditions, government policies, or unexpected events. For example, toll collections were temporarily halted during the nationwide lockdown in 2020. Recently, new policies, like the introduction of an annual toll pass system starting August 15, 2025, which caps toll charges for certain vehicles, may lower the average revenue.