Shardul Amarchand Mangaldas has advised the sponsor, investment manager and Bharat Highways InvIT (infrastructure investment trust) on its  $300 million initial public offering in India, with J. Sagar Associates advised the lead managers.

Trilegal has advised infrastructure-development trust G R Infraprojects on the sale of its entire investment in seven road projects awarded to Bharat Highways. Upon sale, GR Infraprojects will receive units of Bharat Highways InvIT.

Bharat Highways InvIT is only the fourth publicly listed InvIT in the country, and the first one after three years. JSA had also advised on the last InvIT IPO by PowerGrid in 2021.

The lead managers included ICICI Securities, Axis Capital, HDFC Bank, and IIFL Securities.

The SAM team on the deal was led by capital markets partner Nikhil Naredi and included senior associates Aditi Verma, Addway Bandyopadhyay and Tarun Srikanth; and associates M. Koshy Mammen and Somya Jena.

The JSA team on the IPO was led by partner Arka Mookerjee and included partner Pracheta Bhattacharya, senior associate Sourav Modi and associate Jeebitesh Bhattacharya.

The Trilegal team on the deal was led by capital markets partner Abhinav Maker and included senior associate Vinaya and associate Veena Raghav.