RIIT is evaluating a QIP or FPO to fund toll-road purchases, three people said. The trust listed in March after a ₹6,000 crore IPO.
Alpha Score of 57 reflects moderate overall profile with strong momentum, weak value, strong quality. Based on 3 of 4 signals — score is capped at 90 until remaining data ingests.
Raajmarg Infra Investment Trust (RIIT) is considering a second share sale just months after raising ₹6,000 crore in its March initial public offering, according to three people with knowledge of the matter.
The trust, backed by the National Highways Authority of India, is evaluating a qualified institutional placement or a follow-on public offer to fund toll-road acquisitions, the people said, asking not to be named because the discussions are private.
Infrastructure investment trusts pool capital from investors to acquire revenue-generating projects. India introduced InvIT rules in 2014 to help developers monetize assets and cut debt. While InvITs can borrow from banks, RIIT's push for equity comes as the government seeks wider retail participation in the asset class.
"The trust is looking to broaden its base of unit holders while securing capital for toll roads," one of the people said. RIIT is leaning toward an FPO rather than a QIP to increase unit ownership among retail buyers, this person added. "A follow-on public offer gives individuals a route to receive yield from infrastructure assets."
Individuals own only about 7% of units in Raajmarg. NHAI, the sponsor, holds 15%. Institutions own the rest.
An adviser is working with the trust to select assets for purchase, the second person said. "The figure for capital raising depends on asset valuations provided by the adviser." As of March-end 2026, the InvIT had net assets worth ₹6,043 crore.
A third person confirmed the developments, cautioning that timelines and fundraising scenarios could change depending on market conditions and the assets identified.
Raajmarg has a right-of-first-offer agreement with NHAI, under which the authority will transfer 1,500 km of road assets to the InvIT over three to five years. The trust's investment manager also intends to acquire additional toll road projects that meet its criteria, according to its February offer document.
InvITs must distribute at least 90% of cash flows to unitholders each year. Raajmarg, registered only in December 2025, reported negative distributable cash flow of ₹3.7 crore for fiscal 2026. A March 2026 note by Axis Capital estimates combined cash flows will reach ₹862 crore by end of fiscal 2027 and ₹1,061 crore by end of fiscal 2028.
At its March listing, the trust debuted at an 8% premium over its issue price with a market capitalisation of ₹6,393 crore, after the IPO was subscribed 13.88 times. It raised ₹1,728 crore from anchor investors including LIC, ICICI Prudential Life Insurance, Kotak Mahindra Life Insurance and Bajaj Life Insurance.
Union minister for road transport and highways Nitin Gadkari said at the listing: "Amid economic growth, there is growth in the automobile segment as well. With this growth, toll collection will grow as well, benefiting investors. Our current annual toll collection is around ₹80,000–85,000 crore from different sources. If projects keep increasing, we will be able to collect tolls worth ₹3.5–4 trillion per annum soon."
Mint has reached out to Raajmarg for comment.
Drafted by a large language model from the source reporting linked above, then screened by automated publishing checks. It is not read by a journalist before publication. Some articles cite our Alpha Score. Verify prices and figures against the original source. Educational coverage, not personalized advice.