19 Jun 2026
Trilegal acted as the legal counsel to the Issue for the INR 17,000.00 million (or USD 179.84 million) Institutional Placement of units by Indus Infra Trust (“Trust”), a publicly listed infrastructure investment trust, formerly known as Bharat Highways InvIT.
Trilegal advised the Trust and a consortium of lead managers comprising of ICICI Securities Limited, Avendus Capital Private Limited, HDFC Bank Limited and Motilal Oswal Investment Advisors Limited (“Lead Managers“) on institutions placement by the Trust through issuance of 142,857,142 units at INR 119.00 per unit (including a discount of 4.87% on the floor price) (“Institutional Placement”).
Trilegal also advised on the preferential issue by the Trust through issuance of 25,210,084 units to Aadharshila Infratech Private Limited (“Sponsor”) at a price of INR 119.00 per unit (“Preferential Issue”). The Preferential Issue aggregated to approximately INR 3,000.00 million (or USD 31.74 million), taking the combined transaction value to approximately INR 20,000.00 million [(or USD 211.58 million).]
The proceeds of the Institutional Placement are proposed to be utilised inter-alia for (i) part or fully funding the acquisition of two (2) SPVs from the KNR Constructions Limited and one (1) SPV from Uralungal Labour Contract Co-operative Society Limited (“Target SPVs”), (ii) funding the payment of holdback amounts pursuant in accordance with the share purchase agreements of the Target SPVs and/or providing shareholder loans to the Target SPVs for repayment or prepayment of the outstanding senior loans availed by the Target SPVs.
Trilegal also separately advised Indus Infra Trust on the proposed acquisition of HAM Road Assets in Kerala from Uralungal Labour Contract Co-operative Society Limited (ULCCS) and in Andhra Pradesh, Kerala and Tamil Nadu from KNR Constructions Limited.
The Trust, which listed its units on BSE and NSE on March 12, 2024, with an initial public offering that raised approximately INR 25,000.00 million, has pursued follow-on capital initiatives to strengthen its balance sheet and support ongoing accretive acquisitions and refinancing strategies in terms of its investment objectives.
The Trilegal Capital Markets Practice team advising on the matter was led by Partner: Abhinav Maker; and comprised of Senior Associate: Jayant Saxena; and Associates: Mrinal Kumar, Kalyan Reddy, Varda Saxena, K Prashant Aggarwal and Saakshe Jain.
About Trilegal
Trilegal is a leading full-service law firm in India with over 25 years of experience, trusted for its in-depth expertise and client-centric approach. The firm advises a diverse set of clients, including Fortune 500 companies, global investment funds, major Indian conglomerates, domestic and international banks, technology and media giants, family offices, and high-net-worth individuals. With 161 partners operating under a distinctive lockstep model, Trilegal is the largest equity partnership in the country. The firm retains over 1,300 professionals across its Mumbai, Delhi, Gurugram, Bengaluru, Chennai, Pune, and GIFT City offices.
Trilegal has consistently been recognised among India’s top-tier firms in leading legal directories such as Chambers & Partners (Asia Pacific and Global), Legal 500 Asia Pacific, and Benchmark Litigation. It has also earned several prestigious accolades, including being named Law Firm of the Year at the ET Global Legal Awards2026, Best Overall Law Firm by India Business Law Journal (IBLJ) 2025, Innovative Lawyers in Disputes & Crisis Management by the Financial Times (FT) Innovative Lawyers Asia-Pacific Awards in 2025, M&A Firm of the Year by IFLR Asia-Pacific in 2024.
For more information, please get in touch with Prakruti Jani | Mob: +91-9867868976 | BD@trilegal.com.
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