Description
NSE notifies listing of 541,405,000 units of IRB InvIT Fund allotted under Qualified Institutional Placement at Rs. 60 per unit, effective October 16, 2025.
Summary
The National Stock Exchange has approved the listing of 541,405,000 additional units of IRB InvIT Fund (Symbol: IRBINVIT) allotted under a Qualified Institutional Placement (QIP) at an issue price of Rs. 60 per unit. The units will be admitted to trading on the Capital Market segment with effect from October 16, 2025. The new units carry ISIN INE183W23014 (Series IV) and are pari passu with existing units, with no lock-in period applicable.
Key Points
- Security: Units of IRB InvIT Fund (IRBINVIT)
- Issue Type: Qualified Institutional Placement (QIP)
- Number of Units Allotted: 541,405,000 units
- Issue Price: Rs. 60 per unit
- Total Issue Size: Approximately Rs. 32,484.30 crores
- Date of Allotment: October 15, 2025
- Listing Date: October 16, 2025
- ISIN: INE183W23014 (Series IV)
- Distinctive Number Range: 580500001 to 1121905000
- Pari Passu: Yes (equal rights with existing units)
- Lock-in Period: None (NA)
- Mode: Dematerialized only
Regulatory Changes
No regulatory changes introduced. This circular implements existing regulations:
- Regulation 3.1.1 of NSE (Capital Market) Trading Regulations Part A - governing admission of securities to dealings
- Regulation 2.5.5 of NSE (Capital Market) Trading Regulations Part A - governing lot sizes for trading
- SEBI Circular CIR/MRD/DP/21/2012 dated August 02, 2012 and CIR/MRD/DP/24/2012 dated September 11, 2012 regarding activation of temporary ISIN (IN8*********) for additional issue of securities in dematerialized mode
Compliance Requirements
For Trading Members:
- Update trading systems to recognize the new units under symbol IRBINVIT with ISIN INE183W23014
- Ensure lot sizes are configured as specified in the annexure
- Securities must be identified by designated codes only for trading purposes
For Investors:
- Units allotted in dematerialized mode have been credited under temporary ISIN initially, to be activated as per SEBI circulars
- No lock-in restrictions apply to these QIP units
Important Dates
| Event | Date |
|---|---|
| Circular Issue Date | October 15, 2025 |
| Date of Allotment | October 15, 2025 |
| Listing/Trading Commencement Date | October 16, 2025 |
| Circular Effective Date | October 16, 2025 |
| Lock-in Expiry Date | Not Applicable (No lock-in) |
Impact Assessment
Market Impact:
- Supply Increase: Addition of 541.4 million tradable units represents significant expansion of free float, potentially increasing liquidity
- Dilution: Existing unitholders will experience dilution depending on pre-QIP unit base
- Capital Infusion: Rs. 32,484+ crores raised will strengthen IRB InvIT’s capacity for infrastructure acquisitions and debt reduction
Operational Impact:
- Infrastructure investment trusts use QIP proceeds typically for acquiring operational toll road assets or repaying debt
- Increased unit base may impact distribution per unit (DPU) calculations going forward
- Institutional investor participation through QIP enhances credibility and trading depth
Investor Considerations:
- No lock-in period allows immediate trading liquidity for QIP investors
- Pari passu status ensures equal distribution rights with existing unitholders
- Issue price of Rs. 60 serves as reference point for immediate post-listing valuation
Trading Members: Must ensure systems are updated before market opening on October 16, 2025 to facilitate seamless trading of the additional units.
Impact Justification
Significant QIP listing of 541.4 million InvIT units worth approximately Rs. 32,484 crores, which increases tradable supply and impacts existing unitholders through dilution, but represents routine capital raising activity for infrastructure financing.