10 Apr 2026
Deal: Trilegal advised on the proposed initial public offering by National Infrastructure Trust (infrastructure investment trust)
28 Aug 2024
28 Aug 2024
Trilegal acted as legal counsel to National Infrastructure Trust (“Trust“), its sponsor, Gawar Construction Limited, and the investment manager, Gawar Investment Manager Private Limited, in connection with the proposed initial public offering of units aggregating to INR 16,000 million (“Offer“).The Offer comprised a fresh issue aggregating to INR 12,000 million and an offer for sale aggregating to INR 4,000 million by the selling unitholder.
Gawar Construction Limited, the sponsor, is primarily engaged in road and highway construction across 19 Indian states for various government and semi-government entities, including NHAI, Ministry of Road Transport & Highway, Mumbai Metropolitan Regional Development Authority (MMRDA) and Central Public Works Department (CPWD), having completed over 100 projects since 2008.
The Trust proposes to acquire and manage nine completed, revenue-generating road assets, totaling approximately 683.875 km, which are operated under concessions from NHAI by special purpose vehicles (“Project SPVs”) owned by the sponsor.
The proceeds from the Offer will be used to provide loans to these Project SPVs for repaying external borrowings and unsecured loans from the sponsor.
The Trilegal Capital Market team advising on the matter was led by our Partner Abhinav Maker; and comprised Associates Veena Raghav, Ipsita Sahoo, and Debarpita Pande.
Media coverage:
National Infrastructure Trust files papers with Sebi for Rs 1,600 cr IPO (Business Standard)
National Infrastructure Trust files for Rs 1,600 crore IPO (Moneycontrol)
Upcoming IPO: National Infrastructure Trust files DRHP for ₹1,600-crore public issue (Mint)
About Trilegal
Trilegal is one of India’s leading law firms, with expertise across the full spectrum of corporate legal services. Trilegal has offices in four key cities of India.
Trilegal has been recognised as the India Deal Firm of the Year by Asian Legal Business (ALB) India Law Awards 2023; one of the ‘Best Overall Law Firms’ at the India Business Law Journal Indian Law Firm Awards 2022; ‘Firm of the year’ for Client Service Excellence by Asia Law Awards 2021; “M&A Law firm of the Year” by VCCircle Awards 2020 one of the most innovative law firms in Asia in the inaugural edition of ALB Trailblazers 2020; and ‘highly commended’ in the FT RSG Innovative Lawyers Awards 2020.
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Anoop Siddak Singh Tuli
Mob: +91-9535377422 | BD@trilegal.com
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