CICapital Infra Trus544338QIP fundraising

QIP of ~14.82 crore units at ₹75.25 per unit raises ₹1,115 crore

Capital Infra Trust has completed a Qualified Institutional Placement (QIP) of ~14.82 crore units at ₹75.25 per unit, aggregating ₹1,115 crore.

By ScoutQuest · Thu 22 Oct 2026, 6:16 PM IST · 2 min read

QIP Size / Units Allotted

~14.82 crore units

Issue Price

₹75.25 per unit, a discount of 2.36% to the floor price of ₹77.07 per unit

Amount Raised

₹1,115 crore

What was raised

• A Qualified Institutional Placement (QIP) of ~14.82 crore units at an issue price of ₹75.25 per unit, aggregating ₹1,115 crore.
• The issue price is a discount of 2.36% to the floor price of ₹77.07 per unit.
• Following the allotment, the Trust's unitholding capital comprises ~65.63 crore units.

Who participated

• The QIP saw participation from mutual funds, pension funds, life and general insurance companies, banks and other qualified institutional buyers.
• Named participants include ICICI Prudential Mutual Fund, Kotak Mutual Fund, HDFC Mutual Fund, Nippon India Mutual Fund, SBI Life Insurance, HDFC Life Insurance, Axis Max Life Insurance, Kotak Mahindra Life Insurance, ICICI Prudential Life, HDFC Pension, SBI Pension, ICICI Prudential Pension and Axis Mutual Fund, amongst others.

Where the money is proposed to go

• The proceeds are proposed to be utilised towards the acquisition of six operational Hybrid Annuity Model (HAM) road assets under the Sponsor's Right of First Offer (ROFO) framework.
• The six proposed assets are Gawar Bhiwani Highway Private Limited (Haryana), Gawar Kangra Highways Private Limited (Himachal Pradesh), Gawar Pathankot Mandi Highway Private Limited (Himachal Pradesh), Gawar Udaipur Highway Private Limited (Rajasthan), Gawar Waranga Highways Private Limited (Maharashtra) and Gawar Rudrapur Highway Private Limited (Uttarakhand).

Portfolio impact if the acquisitions are completed

• Portfolio expands from 12 to 18 operational HAM assets.
• About 181 km of road assets are added.
• Average residual concession life of more than 12 years.
• All six proposed assets operate under the HAM framework, with NHAI as the concessioning authority, which the release links to limited traffic risk exposure and annuity-backed cash flows.

The narrative the release builds

• The Trust frames the raise as the next phase of growth, with the release stating the proposed acquisitions are expected to enhance the scale and quality of the portfolio and strengthen cash flow visibility for unitholders.
• The CEO's comment describes the capital raise as strengthening financial flexibility and positioning the Trust to pursue accretive growth while maintaining a prudent capital structure.
• HDFC Securities Ltd. and Ambit Pvt Ltd. were Lead Managers to the issue.

Points a reader can weigh

• The units were issued at a 2.36% discount to the floor price, so the QIP adds units to the base at a price below that floor.
• The use of proceeds is described as proposed, tied to acquisitions under the Sponsor's ROFO framework, and the portfolio numbers stated are what the Trust expects upon completion.
• Participation is spread across domestic institutional investors, which the release links to interest in the annuity-backed road platform.

Context on the Trust

• Established in September 2023, the Trust is sponsored by Gawar Construction Limited and invests in infrastructure assets under the SEBI InvIT Regulations.
• As of September 2026, the sponsor's portfolio includes 17 HAM road projects with NHAI.

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