April 28, 2017 Rating matrix IRB InvIT - ICICI Directcontent.icicidirect.com/mailimages/IDirect_IRBInvit_PublicIssue.pdf · IRB Infrastructure Investment Trust (InvIT) is slated to

April 28, 2017

Public Issue

First of its kind!!!

IRB Infrastructure Investment Trust (InvIT) is slated to be India’s first

publicly listed infrastructure investment trust. Through the trust, IRB

Infrastructure Developers Ltd (Sponsor) will hold operational NHAI toll

road assets aggregating to 3,645 lane km of highways across five states in

western and southern India. These assets are operational and generate

income through inflation-linked tariff hikes. They have weighted average

balance concession period of ~16 years. Investors are expected to be

offered returns in the form of dividend, interest and buyback for holding

units in the InvIT.

Overview

The issue comprises a fresh issue and an offer for sale (OFS) with an

option to retain oversubscription of up to 25% of the issue size. Issue

proceeds will be utilised towards reduction of debt of the project SPVs

and associated interest obligations. IPO proceeds will be utilised towards

(a) full/part repayment/prepayment from their respective senior lenders,

(b) full prepayment of subordinate debt provided by the sponsor and the

project manager and (c) full prepayment of certain unsecured loans and

advances provided by the sponsor, the project manager and certain

members of the sponsor group.

Exhibit 1: Post listing InvIT structure

Source: Red Herring Prospectus, ICICIdirect.com Research

IRB InvIT

Rating matrix

Rating : Unrated

Issue Details

Issue Opens 3-May-17

Issue Closes 5-May-17

Issue Size (| Crore) 4930-5035

Price Band (|) 100-102

Institutional (%) 75

Non-Institutional (%) 25

Minimum lot size (No. of units) 10000

Objects of the issue

Objects of the Issue

Investment in Project SPVs by way of an issue of debt

General Purposes

Financial Summary

| Crore FY14 FY15 FY16 9MFY17

Total Revenue 745.2 900.1 986.7 735.0

EBITDA 669.6 727.9 826.2 608.7

EBITDA Margin (%) 89.8 80.9 83.7 82.8

PAT -47.5 -123.9 -76.4 -13.0

Research Analyst

Sachin Jain

[email protected]

Deepak Purswani, CFA

deepak,[email protected]

Vaibhav Shah

[email protected]

mailto:[email protected]

ICICI Securities Ltd. | Retail Research

Page 2

Exhibit 2: Current shareholding of six project SPVs


Investment Rationale

Portfolio of income generating assets in key growth markets:

Upon completion of the formation transactions, the InvIT will own 100%

of the six project SPVs. Each of these project SPVs own, operate and

maintain a toll-road project in India. The toll revenue trend of six SPVs

over the past three years is mentioned below. The projection for next

three years are also shared in RHP.

Exhibit 3: Toll revenue trend of SPVs…

Projects FY14 FY15 FY16 9MFY17 CAGR 14-16

ISDTPL 487.9 554.9 613.5 420.8 12.1%

ITCTPL 163 184.2 201.9 142.6 11.3%

IDAAIPL 166.6 185.7 193.6 133.6 7.8%

IJDTPL 34.2 101.4 120.6 81.2 87.8%

MITPL 61.3 75.6 74.9 54.4 10.5%

ITATPL 26.4 46.1 47.2 34.6 33.7%


Exhibit 4: Projected financials of trust...

(| Crore) FY18P FY19P FY20P

Net Revenue 1,078.2 1,176.2 1,291.1

O&M Expenses 184.0 198.5 242.2

InvIT Expenses (incl IM, Trustee, Valuer Fees) 15.1 15.6 16.1

Total Operating Expenditure 199.1 214.1 258.3

EBITDA 879.1 962.2 1,032.8

EBITDA Margin (%) 81.5% 81.8% 80.0%

Interest 58.3 50.4 42.9

Depreciation 555.4 609.3 670.6

PBT 265.4 302.5 319.4

Total Tax 1.0 4.0 11.2

Net Profit / (Loss) for the year 264.4 298.5 308.2



Page 3

Attractive sector with strong underlying fundamentals

The road transport sector accounted for 4.7% of India's GDP in 2009-10.

Over the last five years, the number of vehicles on Indian roads has

grown at an average rate of ~10.2% per year. According to NHAI, there

are currently ~96,260 km of national highways in India, constituting less

than 1.7% of India's entire road network but carrying ~40% of India's total

road traffic. Going forward, an increase in traffic is expected to drive

investment in the roads & highways sector. Increases in two wheeler and

four wheeler vehicles, freight traffic, trade and interstate tourism are all

expected to drive growth. India's National Transport Development Policy

Committee estimates that road freight traffic in India will grow at ~9% per

annum and road passenger traffic will grow at ~17% per annum over the

next 20 years. The rapid expansion and strengthening of the road

network, therefore, is imperative, for managing both present and future

traffic.

Diversified road project portfolio and revenue base

Initial road assets consist of a mix of operational toll road projects spread

across several states in India. The geographic diversity of the initial road

assets could play a significant role in developing experience and

expertise, including ability to evaluate, acquire, operate and maintain new

projects. Initial road assets are generally located near or connect major

cities in India.

Exhibit 5: Diversified location of operational assets...



Page 4

Experienced sponsor, investment manager and project manager with

consistent track records in operating, maintaining projects:

The sponsor is one of the largest infrastructure development and

construction companies in India in terms of networth in the roads &

highways sector with a large project portfolio of 8,183 lane km of roads

and highways in operation, under construction or under development,

excluding the initial road assets, as of December 31, 2016. The Investment

manager has ~18 years of experience in operating road BOT projects and

is also experienced in developing, operating and maintaining toll plazas.

The investment manager is a wholly owned subsidiary of the sponsor.

The project manager is a wholly-owned subsidiary of the sponsor, having

executed a majority of all EPC work being undertaken by the sponsor. It

also acts as the operations and maintenance contractor for substantially

all of the sponsor's projects, including the initial road assets. The project

manager has experience in execution of construction work for roads,

highways, and other relevant structures and has a track record of

constructing over 2,500 km of roads & highways as of December 31, 2016.

Low leverage upon listing, providing debt capacity to finance future growth

Net proceeds are expected to be used to repay and replace a significant

portion of the project SPVs' existing indebtedness. The resulting low

leverage will provide debt capacity to grow business, including by

financing future acquisitions. The trust intends to finance future

development and acquisitions through issuance of additional units, as

well as through bank borrowings and other indebtedness, subject to the

borrowing limits contained in the InvIT Regulations. Thus, the low

leverage will provide a significant advantage over competitors in

developing and acquiring projects that meet investment objectives.

Growth opportunities and access to sponsor's portfolio

Through its relationship with the sponsor, the trust will have access to an

important pipeline of potential acquisitions. Pursuant to the right of first

offer/right of first refusal (ROFO/ROFR) deed and the future assets

agreement, the sponsor has agreed to provide the trust with rights of first

offer and first refusal with respect to certain toll road assets located in

India, which are owned or which may be acquired or developed by the

sponsor or its existing or future subsidiaries. The valuation for the toll-

road assets under the future assets agreement will be based on the

average of the valuations provided by any two independent valuers, one

appointed by the sponsor or its subsidiary, and the other by the trust

(acting through the trustee) and the investment manager. This access to

future toll road assets sourced by the sponsor or its existing or future

subsidiaries will be an important source of growth in the future.


Page 5

Portfolio details of six toll road assets under InvIT

Surat – Dahisar NH 8 Project

Surat–Dahisar (ISDTPL) project comprises the section of NH 8 with project

length of 239 km. It is part of the Golden Quadrilateral project undertaken

by NHAI. NHAI granted ISDTPL concession for 12 years for this project.

The concession period commenced on February 20, 2009 and is expected

to expire on February 19, 2021. ISDTPL began collecting tolls with respect

to this project on February 20, 2009. The tollable traffic count for the

Surat–Dahisar NH 8 Project increased to 9.92 million (mn) vehicles in 2016

from 7.93 mn vehicles in 2014, representing 11.86% CAGR. Also, gross

toll collections grew at 12.1% CAGR to | 613.5 crore in FY14-16.

Exhibit 6: Map of Surat-Dahisar Project


Tumkur – Chitradurga NH 4 project

Tumkur–Chitradurga (ITCTPL) project comprises the section of NH 4 with

project length of 114 km. It caters to various types of traffic, including

urban, suburban and regional traffic. The land use on both sides of project

is mixed and includes agricultural, residential, commercial, and small and

medium scale industrial uses, as well as undeveloped land. The NHAI

granted ITCTPL a concession for 26 years for this project. The concession

period commenced on June 4, 2011 and is expected to expire on June 3,

2037. ITCTPL began collecting tolls with respect to this project on June 4,

2011. The tollable traffic count for the project increased to 5.8 mn vehicles

in 2016, representing a CAGR of 12.0%. Also, gross toll collections grew

at 11.3% CAGR to | 201.9 crore in FY14-16.

Exhibit 7: Map of Tumkur - Chitradurga Project



Page 6

Bharuch - Surat NH 8 Project

The Bharuch–Surat (IDAAIPL) project comprises the section of NH 8 with

project length of 65 km. The project is part of the Golden Quadrilateral

project undertaken by the NHAI and is part of the first section of that

project to be completed. The land abutting the project is largely

agricultural and undeveloped but in many places, especially near urban

centres, ribbon development is occurring on both sides of the project for

reasonable lengths. IDAAIPL was granted a concession period of 15 years

for this project. The concession period commenced on January 2, 2007

and is scheduled to expire on January 1, 2022. It began collecting tolls

with respect to this project on September 25, 2009. The tollable traffic

count for the project increased to 9.03 million vehicles in 2016,

representing a CAGR of 5.33% in FY14-16. Also, gross toll collections

grew at 7.8% CAGR to | 193.6 crore in FY14-16.

Exhibit 8: Map of Bharuch - Surat Project


Jaipur–Deoli NH 12 Project

The Jaipur–Deoli project (IJDTPL) comprises the section of NH 12 with

project length of 146.3 km. NH 12 passes through two states via Rajasthan

and Madhya Pradesh. The land use on both sides of the project is mixed

and includes agricultural, residential, commercial and small & medium

scale industrial uses, as well as undeveloped land. It was granted a

concession period of 25 years, which commenced on June 14, 2010 and

is scheduled to expire on June 13, 2035. IJDTPL began collecting tolls

with respect to this project on September 27, 2013. This project

commenced operations on September 27, 2013. Thus, the financial year

2014 numbers only represent the traffic count for part of 2014. The

tollable traffic count grew at 57.6% CAGR to 3.26 mn over FY14-16. Also,

gross toll collections grew at 87.8% CAGR to | 120.6 crore in FY14-16.

Exhibit 9: Map of Jaipur – Deoli Project



Page 7

Omalur–Salem–Namakkal NH 7 Project

The Omalur–Salem–Namakkal project comprises the sections of NH 7

with project length of ~69 km. The land abutting the project from Omalur

to Namakkal is a mix of agriculture, urban and semi-urban land use. The

portions of the project near Salem and Namakkal are predominately

urban. MVR Infrastructure and Tollways Pvt Ltd (MITPL) was granted a

concession period of 20 years for this project. The concession period

commenced on August 15, 2006 and is scheduled to expire on August 14,

2026. MITPL began collecting tolls with for this project on August 6, 2009.

The tollable traffic count for project grew at 26.2% CAGR to 7.91 mn

vehicles over FY14-16. Also, gross toll collections grew at 10.5% CAGR to

| 74.9 crore over FY14-16.

Exhibit 10: Map of Omalur –Salem - Namakkal Project


Talegaon–Amravati NH 6 project

The Talegaon–Amravati project (ITATPL) comprises the section of NH 6

with project length of 64 km. It caters to various types of traffic such as

urban, suburban and regional traffic. The land use on both sides of the

project is mixed and includes agricultural, residential, commercial, and

small & medium scale industrial uses, as well as undeveloped land. The

dominant land use on both sides of project corridor is rural agriculture

land. ITATPL was granted a concession period of 22 years for this project.

The concession period commenced on September 3, 2010 and is

scheduled to expire on September 2, 2032. Substantial completion of the

project was achieved on April 24, 2013, and ITATPL commenced partial

tolling on a project length of 45.3 km on this date. It achieved second

provisional completion on March 31, 2014, and commenced tolling on

total project length on April 1, 2014. The tollable traffic count for project

grew at 6.5% CAGR to 3.03 mn vehicles over FY14-16. Also, gross toll

collections grew at 33.7% CAGR to | 47.2 crore over FY14-16.

Exhibit 11: Map of Talegaon – Amravati Project



Page 8

Key Risks & Concerns

Certain project SPVs have experienced losses in prior years; any losses in

future could adversely affect business…

Few of the project SPVs have experienced losses in prior years. For FY14,

FY15 and FY16 and 9MFY17, the project SPV’s net loss on a combined

historical basis was | 47.4 crore, | 123.7 crore, | 76.4 crore and | 13.1

crore, respectively, primarily due to depreciation and amortisation

expenses and finance costs. Under the Companies Act, 2013, companies

that do not generate “distributable profits” are not permitted to pay

dividends to their shareholders. Accordingly, any project SPVs that fail to

generate such distributable profits will not be permitted to pay dividends

to the trust. Any losses in future could adversely affect the trust’s

business, financial condition and results of operations, its ability to make

distributions and the trading price of the units.

Trust may be unable to distribute to unit holders/level of distribution may fall

The distribution to unit holders will be in the form of dividends, interest,

buyback of units and any other means permitted by law. There can be no

assurance or guarantee that the trust will have sufficient distributable or

realised profits or surplus in any future period to make distributions every

six months in any amount or at all. In addition, the financing agreements

entered into by project SPVs with certain banks and financial institutions

contain certain restrictive covenants, including, but not limited to,

requirements that they obtain consent from the lenders prior to making

any dividend payments to the Trust. Any failure to obtain such consents

in a timely manner or at all would impede its ability to make distributions

to unit holders on a regular basis or at all. This could materially and

adversely affect the market price of the units.

Decline in traffic volumes may affect business prospects…

Toll revenues depend on toll receipts, which, in turn, depend on toll fees

and traffic volumes on the toll roads. Over FY14-16, the passenger car

unit volumes grew at 9.38% CAGR to 2.6 lakh units. Traffic volumes are

directly or indirectly affected by a number of factors, many of which are

outside of InvIT’s control, including: toll fees, fuel prices in India, the

frequency of traveller use, the number and affordability of automobiles

etc. In addition, under the terms of the concession agreements entered

into by each of the project SPVs and NHAI, the government and state

governments have the right to construct and open additional roads, which

may serve as alternate routes to initial road assets after expiry of between

eight to 15 years, depending on terms of concession. The construction of

such alternative roads and highways may result in a diversion of vehicular

traffic from initial road assets and a reduction of revenue from toll

receipts. The existence or improvement of such alternative roads and

highways may also result in a diversion of vehicular traffic from initial

road assets and a reduction of revenue from toll receipts.

Any change in tax benefits on SPVs may affect results of operations

Currently, surface transport infrastructure development projects,

including toll-road concession projects, enjoy certain benefits under

Section 80-IA of the Income Tax Act. In accordance with and subject to

the condition specified in this section, the project SPVs are entitled to

certain benefits for all of the operational infrastructure projects and would

be entitled to a deduction of 100% of the profits derived from the

development or operation and maintenance or development, operation

and maintenance of the toll roads for any 10 consecutive tax assessment

years out of 20 years, beginning from the year in which the project SPV

develops and begins to operate the infrastructure facility.


Page 9

Incentives for Section 80-IA of the Income Tax Act are available for 10

consecutive tax years out of a block of 20 years from the year of

commencement of operations. However, the project SPVs would be liable

to pay tax on their respective book profits under the MAT provisions at

the rate of 18.5% (plus applicable surcharge and cess). When the tax

incentives expire or terminate, tax liability may increase, thereby

impacting profitability. Further, the Indian tax authorities may disallow the

deduction availed if the conditions specified are not complied with or the

computation of profits and gains of the eligible business is not in

accordance with the manner prescribed and there is no assurance that

such projects will continue to enjoy the tax benefits. This may affect the

overall tax liabilities of the Project SPVs and result in significant additional

taxes becoming payable thereby resulting in a material, adverse effect on

business, financial condition, cash flows and results of operations and

consequently may have a material, adverse impact on distributions.

Criminal investigations pending against promoter, chairman, managing

director of sponsor…

In 2009, pursuant to a complaint filed by a social worker and right to

information activist (RTI activist), a case was registered at Lonavala city

police station against Virendra D Mhaiskar (the promoter, chairman and

managing director of the Sponsor), Deepak D Gadgil (Head Realty, airport

and hospitality of the sponsor) and certain others, alleging illegal

purchase of governmental land in village Pimploli and village Ozarde,

Taluka Maval, District Pune on the basis of fake and forged documents.

Later on January 13, 2010, the RTI Activist was murdered by unknown

persons. The investigation of the murder case of the RTI Activist was

subsequently transferred from local police to the Central Bureau of

Investigation (CBI). In the event that there is any adverse finding in the

land acquisition matter or in the murder case, the reputation of the

sponsor and its business, results of operations, cash flows, prospects and

financial condition may be adversely affected. Such an event could, in

turn, have a material adverse effect on its reputation, business, financial

condition and results of operation, including as a result of any regulatory

or other issues in connection therewith.


Page 10

Brief profiles of sponsor’s directors

a) Virendra D Mhaiskar

Virendra D Mhaiskar, aged 45 years, is the Chairman & Managing Director

of the sponsor. He holds a Diploma in Civil Engineering from Shriram

Polytechnic, Navi Mumbai. Mr Mhaiskar has several years of experience

in the construction and infrastructure industry. He joined the IRB Group in

June 1990 and is responsible for leading and directing the IRB group’s

strategy in BOT and funded projects.

b) Deepali V Mhaiskar

Deepali V Mhaiskar, aged 43 years, is a wholetime director of the sponsor.

She joined the sponsor in July 1998. She has a Bachelor’s degree in Arts

(Special) from Gujarat University and has several years of experience in

administration and management.

c) Mr. Sudhir R. Hoshing

Sudhir Rao Hoshing, aged 52 years joined the Sponsor group as a joint

managing director in 2015. He is a civil engineer and business

administration graduate has experience in the field of highway and airport

infrastructure. He has earlier worked as the chief executive officer of road

business in Reliance Infrastructure Limited. He is also life time member of

IRC (Indian Road Congress).

d) Mukeshlal Gupta

Mukeshlal Gupta, aged 61 years, is a wholetime director of the sponsor. In

2008, he joined Modern Road Makers Pvt Ltd (project manager) as

Director – Technical. He holds a Bachelor’s degree in Civil Engineering

from Mumbai University. He has several years of experience in managing

infrastructure projects

e) Sunil Talati

Sunil Talati, aged 65 years, is an independent director of the sponsor. He

holds a Bachelor’s degree in law from Gujarat University and a Master’s

degree in commerce from HL Commerce College, Ahmedabad. He is also

a fellow member of the Institute of Chartered Accountants of India. He

was the Vice President and President of the Institute of Chartered

Accountants of India for the year 2006-07 and 2007-08 respectively. He

has several years of experience in the field of Accounts, Audit and Tax

Laws.

f) Chandrasekhar S. Kaptan

Chandrasekhar S. Kaptan, aged 64 years, is an Independent Director of

the Sponsor. He holds a Bachelor’s degree in law from Nagpur University.

Mr Kaptan practices before the Nagpur Bench of the Bombay High Court.

Mr Kaptan has several years of experience in constitutional and excise

matters.

g) Sandeep J. Shah

Sandeep J Shah, aged 57 years, is an independent director of the

sponsor. He is member of the Institute of Chartered Accountants of India.

He has been a practicing chartered accountant for several years and has

experience in the field of accounts, audit and tax laws.

h) Sunil Tandon

Sunil Tandon, aged 59 years, is an independent director of the sponsor.

He is a former officer of the Indian Administrative Services, and in the

past, has held various positions in state and central governments. He has

several years of experience in public administration


Page 11

Financial Summary

Exhibit 12: Profit & Loss Statement

(| Crore) FY14 FY15 FY16 9MFY17

Net Revenue 745.2 900.1 986.7 735.0

Road work & Site expenses 48.0 142.6 128.4 101.3

Employee benefit expenses 16.0 17.4 20.9 15.7

Other expenses 11.7 12.2 11.2 9.4

Total Operating Expenditure 75.7 172.3 160.5 126.3

EBITDA 669.6 727.9 826.2 608.7

EBITDA Margin (%) 89.8% 80.9% 83.7% 82.8%

Other Income 17.3 16.1 17.1 16.1

Interest 375.6 444.8 434.8 309.8

Depreciation 356.4 425.4 467.6 320.4

PBT (45.1) (126.3) (59.1) (5.4)

Total Tax 2.4 (2.4) 17.3 7.6

Net Profit / (Loss) for the year (47.5) (123.9) (76.4) (13.0)


Exhibit 13: Balance Sheet

(| Crore) FY14 FY15 FY16 9MFY17

Equity share capital 1,111.6 1,114.6 1,114.6 1,114.6

Subordinate debt (in nature of equity) 695.6 698.5 698.5 698.5

Other equity 215.6 91.6 15.2 2.2

Total Shareholders funds 2,022.7 1,904.7 1,828.2 1,815.3

Long term borrowings 4,170.2 4,136.2 3,983.9 3,698.9

Short term borrowings 677.8 652.1 643.6 687.7

Total Debt 4,848.0 4,788.3 4,627.5 4,386.6

Current Tax Liabilities (net) 3.8 3.3 1.4 3.3

Other Non-current liabilities 6,959.6 6,867.3 6,662.6 6,254.3

Liability side total 13,834.2 13,563.6 13,119.8 12,459.5

Net Intangible Block 13,897.0 13,417.9 12,993.6 12,690.6

Current Investments 0.0 0.0 0.0 12.1

Debtors 3.3 2.5 1.8 45.4

Cash 72.5 82.4 57.9 47.7

Other Current Assets 132.6 245.5 318.4 332.0

Deferred tax assets (net) 44.8 49.2 36.7 36.7

Other non current assets 46.6 49.4 53.9 0.9

Total Current Assets 299.9 429.0 468.7 474.8

Creditors 7.6 43.0 13.4 12.7

Provisions 121.7 73.6 109.4 148.9

Other Current Liabilities 233.4 166.8 219.6 544.3

Total Current Liabilities 362.7 283.3 342.5 705.8

Net Current Assets (62.8) 145.7 126.2 (231.0)

Assets side total 13,834.2 13,563.6 13,119.8 12,459.6



Page 12

RATING RATIONALE

ICICIdirect.com endeavours to provide objective opinions and recommendations. ICICIdirect.com assigns

ratings to its stocks according to their notional target price vs. current market price and then categorises them

as Strong Buy, Buy, Hold and Sell. The performance horizon is two years unless specified and the notional

target price is defined as the analysts' valuation for a stock.

Strong Buy: >15%/20% for large caps/midcaps, respectively, with high conviction;

Buy: >10%/15% for large caps/midcaps, respectively;

Hold: Up to +/-10%;

Sell: -10% or more;

Pankaj Pandey Head – Research [email protected]

ICICIdirect.com Research Desk,

ICICI Securities Limited,

1st Floor, Akruti Trade Centre,

Road No 7, MIDC,

Andheri (East)

Mumbai – 400 093

[email protected]


Page 13

ANALYST CERTIFICATION

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expressed in this research report accurately reflect our views about the subject issuer(s) or securities. We also certify that no part of our compensation was, is, or will be directly or indirectly related to the

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It is confirmed that Sachin Jain, CA, Deepak Purswani, CFA MBA (Finance), Vaibhav Shah, MBA (Finance); Research Analysts of this report have not received any compensation from the companies

mentioned in the report in the preceding twelve months.

Compensation of our Research Analysts is not based on any specific merchant banking, investment banking or brokerage service transactions.

ICICI Securities or its subsidiaries collectively or Research Analysts or their relatives do not own 1% or more of the equity securities of the Company mentioned in the report as of the last day of the month

preceding the publication of the research report.

Since associates of ICICI Securities are engaged in various financial service businesses, they might have financial interests or beneficial ownership in various companies including the subject

company/companies mentioned in this report.

It is confirmed that Sachin Jain, CA, Deepak Purswani, CFA MBA (Finance), Vaibhav Shah, MBA (Finance); Research Analysts do not serve as an officer, director or employee of the companies mentioned

in the report.

ICICI Securities may have issued other reports that are inconsistent with and reach different conclusion from the information presented in this report.

Neither the Research Analysts nor ICICI Securities have been engaged in market making activity for the companies mentioned in the report.

We submit that no material disciplinary action has been taken on ICICI Securities by any Regulatory Authority impacting Equity Research Analysis activities.

This report is not directed or intended for distribution to, or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction, where such distribution,

publication, availability or use would be contrary to law, regulation or which would subject ICICI Securities and affiliates to any registration or licensing requirement within such jurisdiction. The securities

described herein may or may not be eligible for sale in all jurisdictions or to certain category of investors. Persons in whose possession this document may come are required to inform themselves of and

to observe such restriction.

Documents

April 28, 2017 Rating matrix IRB InvIT - ICICI Directcontent.icicidirect.com/mailimages/IDirect_IRBInvit_PublicIssue.pdf · IRB Infrastructure Investment Trust (InvIT) is slated to