Cyril Amarchand Mangaldas has advised the National Highways Authority of India’s Infrastructure Investment Trust on its $1.9 billion fundraising through institutional placement, with J Sagar Associates acting as counsel to the lead managers.

Infrastructure investment trusts, or InvITs, are instruments similar to mutual funds, designed to take money from investors and invest in assets.

The NHAI InvIT’s listing marked the first institutional placement of units by an InvIT in India. Proceeds from the institutional placement will be used to fund the acquisition of three road assets.

The JSA team advising ICICI Bank and SBI Capital Markets was led by partner Arka Mookerjee, with support from partner Pracheta Bhattacharya (partner). JSA had previously acted as counsel to the InvIT, including assisting with its establishment.