NHAI-sponsored ‘InvIT gets listed on the BSE

The National Highways Authority of India’s (NHAI) Raajmarga Infrastructure Investment Trust (RIIT) was listed on the Bombay Stock Exchange (BSE) on Tuesday (March 24, 2026), in the presence of Union Road Transport and Highways Minister Nitin Gadkari.

The public InvIT, regulated by the Securities and Exchange Board of India (SEBI), is aimed at widening investor participation in the country’s highway infrastructure sector.

Calling the listing a “significant milestone,” Mr. Gadkari said the issue saw strong demand, with subscriptions reaching nearly 14 times the offer size. He added that the government plans to monetise 1,500 km of highways over the next three years through the InvIT route, signalling a push towards infrastructure funding driven by public participation.

The listing comes as the Ministry of Road Transport and Highways (MoRTH) and NHAI have together monetised assets worth about ₹1.5 lakh crore under the National Monetisation Pipeline (NMP-1) through models such as Toll-Operate-Transfer (ToT), InvITs and securitisation.

RIIT has been structured as a public-private partnership with participation from NHAI, NaBFID, banks and financial institutions, aimed at ensuring professional management and financial discipline.

The trust has secured rights to five operational highway assets across Jharkhand, Tamil Nadu, Andhra Pradesh and Karnataka, with a total concession value of around ₹9,500 crore.

The acquisition is being funded through a mix of equity and debt, including an equity raise of about ₹6,000 crore, with the remainder through bank financing. Strategic investors such as EPFO and SBI Life Insurance have invested around ₹1,260 crore, while anchor investors, including insurers and pension funds, have put in about ₹1,728 crore.

The remaining ₹2,100 crore offered to the public saw an overwhelming response, with the issue oversubscribed nearly 14 times, underlining strong investor appetite for highway assets and the government’s monetisation programme.