IL&FS eyes Rs 5,000 crore in first infra trust IPO
Infrastructure Leasing & Financial Services (IL&FS) is making final preparations to list India's first infrastructure investment trust (InvIT) to raise Rs 5,000 crore, or $750 million, by early October, a top company executive said. The Mumbai-headquartered IL&FS plans to put four of its 30 big projects into the InvIT initially. It would be a test case for the recently allowed trusts owning income-generating assets to raise capital for the infrastructure build-up in Asia's third largest economy. "The market regulator and the finance ministry have been supportive as we are working towards becoming the first InvIT to list on the bourses. We are almost there, and hope to get clearance very soon. Our plan is to go for the listing by September-end or early October," Ramesh C Bawa, MD & CEO, IL&FS Financial Services, said in an interview.