28 Apr 2026
Deal: Trilegal advises IRB InvIT Fund on landmark INR 32,484 million QIP, the largest InvIT QIP in YTD Fiscal 2026
16 Oct 2025
16 Oct 2025
Trilegal acted as legal counsel to IRB InvIT Fund (“Trust”) and IRB Infrastructure Private Limited (“Investment Manager”) as to Indian law in relation to the largest qualified institution’s placement (“QIP”) of units by an InvIT, in YTD Fiscal 2026, aggregating to INR 32,484.30 million.
IRB InvIT Fund, India’s first publicly listed infrastructure investment trust under the SEBI (Infrastructure Investment Trusts) Regulations, 2014, undertook an institutional placement of 541,405,000 units at ?60 per unit, representing a 4.29% discount to the floor price of ?62.69 per unit, aggregating to ?32,484.30 million.
As of June 30, 2025, the Trust operated and maintained 2,421 lane kilometers across a portfolio of six operational projects which includes five (5) Build-Operate-Transfer road infrastructure assets and one (1) Hybrid Annuity Mode road infrastructure asset, across the high growth western and southern belt of India in the states of Punjab, Karnataka, Rajasthan, Tamil Nadu, Maharashtra, and Gujarat offering a mix of fixed and variable revenue-generating assets.
The proceeds of the QIP are to be used, for part funding of consideration for acquisition of the Target SPVs from IRB Infrastructure Trust (“Private Trust”), including by way of shareholder loans to Target SPVs for repayment/prepayment, in full or part, of the outstanding subordinated debt and unsecured loans availed by the Target SPVs and other general corporate purposes.
The Trilegal Capital Markets team advising on the matter was led by Partner: Abhinav Maker; and supported by Associate: Mrinal Kumar, Kalyan Reddy, Varda Saxena and K. Prashant Agrawal; and Trainee Associate – Revant Gupta.
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 148 partners operating under a distinctive lockstep model, Trilegal is the largest equity partnership in the country. The firm retains over 1,200 professionals across Mumbai, Delhi, Bengaluru, and Gurugram 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 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, Law Firm of the Year by Deal Volume at the VCCircle Awards in 2024.
For more information, please get in touch with Prakruti Jani | Mob: +91-9867868976 | BD@trilegal.com
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