NHIT Board Approves Rs. 153 Unit Price for Capital Raise, Secures Exchange Nod

The Board of National Highways Infra Trust (NHIT) has approved an issue price of Rs. 153 per unit for its upcoming institutional placement and preferential issue. The Trust also secured in-principle approvals from the BSE and NSE for the preferential issue on March 23, 2026.

Key Decisions from March 23 Meeting

The Board of National Highways Infra Investment Managers Private Limited, which manages NHIT, convened on March 23, 2026. During the meeting, the board greenlit an issue price of Rs. 153 per unit for both the Institutional Placement and Preferential Issue of NHIT units. On the same day, the Trust received in-principle approvals from the BSE and NSE for the preferential issue. The Board also noted the closing of NHIT's Institutional Placement that occurred on March 23, 2025.

Why These Approvals Matter

These price approvals and regulatory nods are crucial steps, allowing NHIT to move forward with its capital raising efforts. The decisions signal investor interest in NHIT units and clear the way for potential asset acquisitions or further project development.

NHIT's History and Valuation Context

Established in October 2020 by the National Highways Authority of India (NHAI) and listed in November 2021, NHIT operates as an Infrastructure Investment Trust (InvIT) focused on India's toll road assets managed by NHIIMPL. The Trust has a history of significant fundraising, notably raising Rs. 8,340 crore in unit capital and Rs. 10,040 crore in debt as part of an Rs. 18,380 crore deal in March 2025. For context, recent discussions for preferential issues in March 2026 had indicated a floor price of Rs. 147.50, while NHIT's Net Asset Value (NAV) was approximately Rs. 145.76 as of December 31, 2025. The newly approved Rs. 153 price per unit represents a premium to these prior benchmarks.

What's Next for NHIT

With the Rs. 153 per unit price set and in-principle stock exchange approvals secured, NHIT is positioned to finalize its capital raise. This move allows the Trust to proceed with issuing new units to raise necessary funds. However, investors should note the potential for dilution of existing unitholders as new units are issued.

Key Risks and Considerations

Investors will be watching for the successful execution of both the institutional placement and the preferential issue amidst current market conditions. Sustained investor demand at the Rs. 153 price point will be critical. Additionally, securing final regulatory approvals from all relevant bodies remains a key factor.

Sector Comparison

NHIT operates within the Infrastructure Investment Trust (InvIT) sector, a specialized area. It is comparable to entities such as IRB InvIT Fund and India Grid Trust, though NHIT's specific focus remains on India's toll road assets.

Tracking Future Developments

Key developments to monitor include confirmation of final regulatory approvals, the successful completion of the institutional placement and preferential issue, and the total amount raised. Investors will also be looking for details on how the new capital will be deployed, such as for asset acquisitions or debt reduction, and the resulting post-issue unitholding pattern.