IPO Note | InvITs

May 02, 2017

IRB InvIT Fund

sue Open: May 03, 2017

On the growth highway

Issue Close: May 05, 2017

IRB InvIT Trust is the Registered Infrastructure Investment Trust under the InvIT

Regulations. The Trust primarily intends to own, operate and maintain a portfolio of

Issue Details

six toll-road assets in the Indian states of Maharashtra, Gujarat, Rajasthan, Karnataka

and Tamil Nadu. The Trust’s Sponsor is IRB Infrastructure Developers Limited, one of

Face Value: `1000

the largest infrastructure development and construction companies in India in terms of

Offer for Sale: **3.48cr units

net worth in the roads and highways sector.

Portfolio of income generating assets: Upon completion of the Formation

Fresh issue: *42.16 -**43.00 cr units

Transactions, Trust will own 100% of six Project SPVs. Each of these Project SPVs owns,

operates and maintains a toll-road project in India. The Initial Road Assets have

Issue size (amount): *`4648cr -**4655cr

growth potential due to expected growth in traffic volumes as a result of regional

growth and expected increases in toll fees as a result of inflation adjustments.

Price Band: `100-102

Diversified road project portfolio and revenue base to provide an edge: The

Lot Size: 10,000 Units and in multiples of

geographical diversification of the Initial Road Assets has improved due to experience

5,000 units thereof

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

*Calculated on lower price band

projects. The geography and temporally diverse project portfolio provides them with

an advantage in capitalizing on new opportunities available in the roads and

** Calculated on upper price band

highways sector. That type of diversification strengthens their business by reducing

Book Building

their reliance on any specific region or project and reducing the potential impact on

the business of any economic slowdown or force majeure event in any particular

Institutional

75% of issue

region or with respect to any particular project.

Retail

25% of issue

Experienced Sponsor, Investment Manager and Project Manager: The Sponsor is one

of the largest infrastructure development and construction companies in India in terms

of net worth in the roads and highways sector with a large project portfolio of 8,183

Lane Kms of roads and highways in operation, under construction or under

development, excluding the Initial Road Assets, as of December 31, 2016. The

Sponsor has an experience in developing roads and highways infrastructure and has

received various industry awards and recognitions. The Investment Manager has

approximately 18 years of experience in operating a road BOT project and is also

experienced in developing, operating and maintaining toll plazas.

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.

Low leverage upon Listing to provide debt capacity for financing future assets: The

Net Proceeds will be used to repay and replace a significant portion of the Project SPVs

existing indebtedness. The resulting low leverage will provide them with debt capacity

to grow their business, including financing future acquisitions. Trust intends to finance

future development and acquisitions through the issuance of additional Units, as well

as through bank borrowings and other indebtedness, subject to the borrowing limits

contained in the InvIT Regulations.

Outlook and Valuation: In terms of valuations, we have considered the conservative

Abhishek Lodhiya

traffic growth (3-5%) and higher discounting factor of around ~11% which results in

+91 22 39357800 Ext: 6811

the return of 25-30% on the enterprise value. Further, reduction in cost of debt and

[email protected]

increase in traffic growth will lead to further higher returns. Hence, considering the

above positives coupled with attractive valuations, we recommend a SUBSCRIBE on

the issue

Please refer to important disclosures at the end of this report

IRB InvIT Fund| IPO Note

InvITs a new instrument for investment

What is InvIT?

SEBI introduced Infrastructure Investment Trust (InvIT) Regulations for infrastructure

projects keeping in mind the huge infrastructure needs of our country. Simply put,

InvIT is a mechanism that enables developers of infrastructure assets to monetize

their assets by pooling multiple projects under a single entity (Trust structure). InvITs

are first-of-their-kind, really long-term instruments. At present, Government

Securities or G-Secs are the only other instruments with such a long life. InvITs too

may be structured as funds with a very long tenure or open end structure.

Considering that the regulations are new, most of the InvITs that come to raise

money will have a very short or no track-record. Worldwide InvITs are positioned

as high-dividend paying investments suitable for investors who are especially

looking for long-term, stable cash flows with moderate capital appreciation.

Salient Features

InvITs have to ensure that they distribute 90% of their net cash flows to the unit

investors. There is a leverage cap of 49% on the net asset value. There is also a

cap on exposure to under-construction assets (for publicly placed InvITs). The

sponsor of the InvIT is responsible for setting up the InvIT and appointing the

trustee. The sponsor shall hold minimum 15% of the units issued by the InvIT with a

lock-in period of three years from the date of issuance of units. The InvIT

regulations also require companies to maintain certain investment ratios, including

80% of investments in completed and revenue-generating assets. InvITs that have

been filed so far have specified minimum investment limits of `10 lakh per

investor.

When are distributions given out?

InvITs distribute regular dividends. They must be declared and distributed not less

than once in every six months. The amount of cash available for distribution

depends upon the InvITs’ own dividend or interest income and principal payments

from its portfolio. All Non-Resident Investors, including eligible NRIs should note

that refunds, dividends and other distributions, if any, will be payable in Indian

Rupees only.

Taxation

Investors of InvITs can draw comfort from a favorable tax-regime. Dividend income

is tax exempt and no capital gains are levied if units are held for over 3 years and

sold through the bourses. There is a small withholding tax for interest income to

NRI unit holders. Further, there is the pass-through structure of InvITs mandating

distribution of a minimum

90% of net-distributable cash and nil dividend

distribution tax.

Delisting

In accordance with the InvIT Regulations, at all times, post-listing of the Units, the

minimum public unit holding of the Trust is required to be in accordance with

Regulation 14(1A) of the InvIT Regulations, and other than the Sponsor, for its

related parties and Associates, the Trust is required to have, and maintain, a

minimum of 20 Unit holders forming part of the ‘public’, each holding not more

than 25% of the aggregate amount of the Units on a post-Issue basis, failing which

action may be taken as may be specified by the SEBI and the Stock Exchanges,

including delisting of the Units under the InvIT Regulations.

May 02, 201

IRB InvIT Fund| IPO Note

Company background

IRB Infrastructure Developers Limited (the “Sponsor”) is, one of the largest

infrastructure development and construction companies in India in terms of net

worth in the roads and highways sector according to the NHAI's annual

prequalification for public private partnerships in national highway projects report

for 2016. Excluding the toll-road assets that will be transferred by IRB to Trust, as

of December

31,

2016, IRB has

16 road projects, of which eight are

“operational”, five are “under construction” and three are “under development”.

Trust wishes to acquire an initial portfolio comprising of the Project SPVs, all of

which are currently either wholly or majority owned by IRB and its subsidiaries. The

Trust has been settled by the Sponsor pursuant to the Indenture of Trust in

Mumbai, India, as an irrevocable Trust in accordance with the Trusts Act. The Trust

was settled with an initial settlement amount of `10,000 by the Sponsor. The Trust

has been registered with SEBI as an infrastructure investment trust under the InvIT

Regulations. Trust intends to own, operate and maintain a portfolio of six toll-road

assets in the Indian states of Maharashtra, Gujarat, Rajasthan, Karnataka and

Tamil Nadu. These toll roads will be operated and maintained pursuant to

concessions granted by the NHAI. Trust believes that upon the listing of the Units

on the Stock Exchanges, it will be the first listed infrastructure investment trust

focused on toll-road assets in India.

The object and purpose of the Trust, as described in the Indenture of Trust, is to

carry on the activity of an infrastructure investment trust under the InvIT

Regulations, to raise resources in accordance with the InvIT Regulations, and to

make investments in accordance with its investment strategy. The Trust is required

to make distributions to the Unit holders in accordance with the InvIT Regulations.

Distributions are expected to be made by the Trust to the Unit holders, from time to

time, in accordance with the Indenture of Trust and the InvIT Regulations. The

Trustee will ensure that the Investment Manager declares distributions, not less

than once every six months in each Financial Year. However, Unit holders should

note that there is no assurance or guarantee that distributions will be made in any

amount or at all.

Project Portfolio of Six road assets under InvITs:

As of December 31, 2016, the Project SPVs owned, operated and maintained the

following toll road assets comprising 3,645 Lane Kilometers of highways:

 Bharuch-Surat NH 8 toll road: a 65.00 km section of NH 8 between

Bharuch and Surat in Gujarat, which is held by IDAAIPL (the “Bharuch-

Surat NH 8 Project”)

 Jaipur-Deoli NH 12 toll road: a 148.77 km section of NH 12 between

Jaipur and Deoli in Rajasthan, which is held by IJDTPL (the “Jaipur-Deoli

NH 12 Project”)

 Surat-Dahisar NH 8 toll road: a 239.00 km section of NH 8 between

Surat in Gujarat and Dahisar in Maharashtra, which is held by ISDTPL (the

“Surat-Dahisar NH 8 Project”)

 Tumkur-Chitradurga NH 4 toll road: a 114.00 km section of NH 4

between Tumkur and Chitradurga in Karnataka, which is held by ITCTPL

(the “Tumkur-Chitradurga NH 4 Project”)

 Omalur-Salem-Namakkal NH 7 toll road: a 68.625 km section of NH 7

between Omalur and Salem and Namakkal in Tamil Nadu, which is held

by MITPL (the “Omalur-Salem-Namakkal NH 7 Project”)

 Talegaon-Amravati NH 6 toll road: a 66.73 km section of NH 6 between

Talegaon and Amravati in Maharashtra, which is held by ITATPL (the

“Talegaon-Amravati NH 6 Project”, and together with the Surat-Dahisar

NH 8 Project, the Tumkur-Chitradurga NH 4 Project, the Bharuch-Surat

NH 8 Project, the Jaipur-Deoli NH 12 Project and the Omalur-Salem-

Namakkal NH 7 Project, forms the “Initial Road Assets”).

May 02, 201

IRB InvIT Fund| IPO Note

Exhibit 3: Concession Period details of SPV under InvIT Fund

Length

Concession

Project SPV

(lane Kms)

Period start

Period End

Surat-Dahisar NH 8 Project

ISDTPL

1434

20-Feb-09

19-Feb-21

Tumkur-Chitradurga NH 4 Project

ITCTPL

684

04-Jun-11

03-Jun-37

Bharuch-Surat NH 8 Project

IDAAIPL

390

02-Jan-07

01-Jan-22

Jaipur-Deoli NH 12 Project

IJDTPL

595

14-Jun-10

13-Jun-35

Omalur-Salem-Namakkal NH 7

MITPL

275

15-Aug-06

14-Aug-26

Project

Talegaon-Amravati NH 6 Project

ITATPL

267

03-Sep-10

02-Sep-32

Source: Company, Angel Research

Issue details

The units will consist of fresh issue, aggregating to `4,300cr and Offer for Sale of

3.48cr units (at upper band). The issues would have an option to retain over-

subscription to the tune of 25% of the issue size, thereby reduce outstanding

indebtedness of the project SPV and associated debt servicing cost and will enable

the utilization of internal accruals of the Project SPVs towards distribution and other

business requirement.

Objects of the offer

 In accordance with the InvIT Regulations, the Investment Manager (on behalf

of the Trust) intends to utilize the Issue Proceeds after deducting the Issue

related expenses as apportioned to the Trust (the “Net Proceeds”) towards,

investment in the Project SPVs by way of an issue of debt (`4200cr).

 General corporate purpose.

Exhibit 4: Utilisation of Net Proceeds

Outstanding as on

Proposed to be

Sr. No.

Particulars

Dec 31,2016

Repaid/Prepaid

(Rs. Cr)

Repayment/prepayment, in part, of certain loans/facilities availed by the Project SPVs from

their respective senior lenders(1)

Loans/facilities availed from senior lenders that are not associates of GCBRLMs and BRLM

2121.4

1060.7

Loans/facilities availed from senior lenders that are associates of GCBRLMs and BRLM

1391.3

684.1

Prepayment, in full, of the subordinate debt provided to certain Project SPVs by the Sponsor

698.5

and the Project Manager

Prepayment, in full, of certain unsecured loans and advances availed by certain Project SPVs

741.7

from the Sponsor, the Project Manager and certain members of the Sponsor group

Repayment/prepayment, in part, of the balance portion of certain loans/facilities availed by

Not Applicable

1015.0

the Project SPVs from their respective senior lenders(4)

Total

4952.9

4200.0

Source: Offer Document, Angel Research

Distribution policy

 The Distributions shall be made by the Trust to the Unit holders, from time

to time, in accordance with the Indenture of Trust and the InvIT

Regulations. The Trustee shall make and shall ensure that the Investment

May 02, 201

IRB InvIT Fund| IPO Note

Manager declares distributions not less than once every six months in each

Financial Year. However, Unit holders should note that there is no

assurance or guarantee that distributions will be made in any amount or

at all.

 The InvIT Regulations provide that not less than 90% of net distributable

cash flows of each Project SPV are required to be distributed to the Trust in

proportion of its holding in each of the Project SPVs subject to applicable

provisions of the Companies Act. Further, not less than 90% of net

distributable cash flows of the Trust shall be distributed to the Unit holders.

Such distributions shall be declared and made not less than once every six

months in every financial year.

 The Trust’s first distribution after the date of the listing of the Units will be

for the period from the date of the listing of the Units to the date of 1st half

year financials. The Trustee will make such distribution within 15 days of

such date and no later. Subsequent distributions shall take place on semi-

annual basis with the amount calculated as at March 31 and September

30 each year for the six-month period ending on each of the said dates. In

the event, if distributions are not made within 15 days of declaration, the

Investment Manager shall pay interest at the rate of 15% per annum until

the distribution is made to the Unit holders.

 The Net Distributable Cash Flows of the Trust is substantially based on the

cash flow to be generated from the underlying operations undertaken by

the Project SPVs. The cash flow will be received by the Trust in the form of

dividends and proceeds from capital reduction from the Project SPVs,

subject to the provisions of the Companies Act; and interest accrued on

and principal repayment upon repayment of the debt availed by each of

the Project.

 SPVs from the Trust. For further information in relation to the proposed

issue of debt.

 Cash flows received by the Trust from the Project SPVs will be distributed to

the Unit holders in the form of dividend, interest, buyback of unit and any

other manner as may be permitted under applicable law.

Tax Structure InvITs

Tax on Dividend Distribution: No dividend distribution tax (DDT) is payable by SPV

to the InvIT to the unit holder if dividend is paid out of current income. Dividend

income received by the InvIT is tax free in the hand of InvIT. No DDT is payable by

InvIT while distributing dividend to the unitholders. Dividend income received by

the unit holder is also exempted from tax.

Tax on Interest distribution: Interested taxed only when distributed to the unit

holder. Taxes at applicable rates for the resident unit holder and at 5% on non-

residents. InvIT would withhold 10% for resident holder and 5% for the non

resident holder while distributing interest income.

Tax on Capital Gains: Short term capital gain on sale of units (<3 yrs.) taxed at

15% while long term exempted provided STT is paid.

May 02, 201

IRB InvIT Fund| IPO Note

Investment Rationale

Portfolio of income generating assets: Upon completion of the Formation

Transactions, they will own 100% of six Project SPVs. Each of these Project SPVs

owns, operates and maintains a toll-road project in India. The Initial Road Assets

have growth potential due to expected growth in traffic volumes as a result of

regional growth and expected increases in toll fees as a result of inflation

adjustments.

Exhibit 5: Toll Revenues of Project SPVs

Project SPV (` Cr)

2014

2015

2016

9MFY17

ISDTPL Surat-Dahisar NH 8 Project

487.9

554.9

613.5

420.8

ITCTPL Tumkur-Chitradurga NH 4 Project

163.0

184.2

201.9

142.6

IDAAIPL Bharuch-Surat NH 8 Project

166.6

185.7

193.6

133.6

IJDTPL

Jaipur-Deoli NH 12 Project

34.2

101.4

120.6

81.2

MITPL

Omalur-Salem-Namakkal NH 7 Project

61.3

75.6

74.9

54.4

ITATPL

Talegaon-Amravati NH 6 Project

26.4

46.1

47.2

34.6

Total

939.4

1,148.0

1,251.7

867.1

Source: Offer Document, Angel Research

Diversified road project portfolio and revenue base to provide an edge: The

geographical diversification of the Initial Road Assets has improved due to

experience and expertise, including their ability to evaluate, acquires, operate and

maintain new projects. The Initial Road Assets were generally located near or

connecting major cities in India like, the Surat-Dahisar NH

8 Project in

Maharashtra and Gujarat, which is their largest Initial Road Asset, based on

revenue as of December 31, 2016, and the Bharuch-Surat NH 8 Project in the

State of Gujarat is located along NH 8. The NH 8 passes through Vapi, Valsad

Navsari, Surat, Ankleshwar, Vadodara and Ahmedabad and forms a part of the

stretch of national highways that connect New Delhi and Mumbai.

The geography and temporally diverse project portfolio provides them with an

advantage in capitalizing on new opportunities available in the roads and

highways sector. That type of diversification strengthens their business by reducing

their reliance on any specific region or project and reducing the potential impact

on the business of any economic slowdown or force majeure event in any

particular region or with respect to any particular project.

Experienced Sponsor, Investment Manager and Project Manager with

consistent track records: The Sponsor is one of the largest infrastructure

development and construction companies in India in terms of net worth in the

roads and highways sector with a large project portfolio of 8,183 Lane kms of

roads and highways in operation, under construction or under development,

excluding the Initial Road Assets, as of December 31, 2016. The Sponsor's BOT

project portfolio includes large road and highway BOT projects, such as the

Yashwantrao Chavan Mumbai-Pune Expressway project and Mumbai Pune section

of NH 4, phase II of the Mumbai-Pune section of NH 4, the Amritsar-Pathankot

section of NH 15, the Ahmedabad Vadodara section of NH 8 and the Ahmedabad

Vadodara Expressway, the Goa Karnataka Border-Kundapur section of NH 17, the

May 02, 201

IRB InvIT Fund| IPO Note

Solapur Yedeshi section of NH 211, the Yedeshi-Aurangabad section of NH 211

project, the Agra-Etawah section of NH 2 and the Kaithal-Rajasthan Border

sections of NH 152 / 65. The Sponsor has experience in developing roads and

highways infrastructure and has received various industry awards and recognitions.

The Investment Manager has approximately 18 years of experience in operating a

road BOT project 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

the execution of construction work for roads, highways, and other relevant

structures and has a track record of constructing over 2,500 kms of roads and

highways as of Decemeber 31, 2016. The Project Manager has a team of

approximately 3,296 skilled and semi-skilled people to support its operations as of

December 31, 2016.

Low leverage upon Listing to provide debt capacity for financing future assets

The Net Proceeds will be used to repay and replace a significant portion of the

Project SPVs' existing indebtedness. The resulting low leverage will provide them

with debt capacity to grow their business, including financing future acquisitions.

They intend to finance future development and acquisitions through the issuance of

additional Units, as well as through bank borrowings and other indebtedness,

subject to the borrowing limits contained in the InvIT Regulations. Its low leverage

will provide a significant advantage over its competitors in developing and

acquiring projects that meet investment objectives.

Efficient management team with industry experience

An Investment Manager who has managerial and operational experience in the

roads and highways sector will be giving advice. Their projects will be managed by

qualified personnel of the Project Manager. They believe that the experience and

leadership of these teams will contribute to their growth and success and will position

the Initial Road Assets to be operated and managed in an efficient manner.

Growth opportunities and access to Sponsor's portfolio

With a great relation with the Sponsor, they will have an access to an important

pipeline of potential acquisitions. Pursuant to the ROFO/ROFR Deed and the

Future Assets Agreement, the Sponsor has agreed to provide them with rights of

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

which will be owned or 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 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.

Outlook and Valuation

In terms of valuations, we have considered the conservative traffic growth (3-5%)

and higher discounting factor of around ~11% which results in the returns of 25-

30% on the enterprise value. Further, reduction in cost of debt and increase in

traffic growth will lead to further higher returns. Hence, considering the above

positives coupled with attractive valuations, we recommend a SUBSCRIBE on the

issue

May 02, 201

IRB InvIT Fund| IPO Note

Income Statement

Particulars (Rs. Cr)

FY14

FY15

FY16

9MFY17

Revenue from operations

745

900

987

735

% chg

21%

10%

Expenses

Road work and site expenses

143

128

101

Employee benefits expense

Other expenses

Total expenses

172

161

126

EBITDA

670

728

826

609

% chg

13%

(% of Net Sales)

90%

81%

84%

83%

Depreciation and amortisation expenses

356

425

468

320

EBIT

313

303

359

288

% chg

-3%

19%

(% of Net Sales)

42%

34%

36%

39%

Finance costs

376

445

435

310

Other income

PBT

-45

-126

-59

-5

Total tax expenses

-2

Profit/(loss) after tax

-48

-124

-76

-13

% chg

160%

-38%

(% of Net Sales)

-6%

-14%

-8%

-2%

Source: Offer Document, Angel Research

May 02, 201

IRB InvIT Fund| IPO Note

Balance Sheet

Particulars (` Cr)

FY14

FY15

FY16

9MFY17

ASSETS

Property, plant and equipment

4.1

1.4

1.3

1 2.01

Other Intangible assets

13580.6

13414.9

12988.2

12684.7

Intangible assets under development

312.3

1.6

4.1

4 6.81

Financial assets

Investments

0.0

0 .04

Loans

43.6

48.3

53.4

6 .54

Other receivables

0.0

Deferred tax assets

44.8

49.2

36.7

6.7

Other non-current assets

3.0

1.1

0.5

2 .11

Current Assets

Investments

0.0

12.1

Trade receivables

3.3

2.5

1.8

45.4

Cash and cash equivalent

72.5

82.4

57.9

47.7

Bank balance other than above (iii)

101.3

98.4

102.7

110.5

Loans

0.1

125.3

190.4

198.8

Other receivables

17.1

15.3

13.0

11.6

Current tax assets (net)

3.5

2.2

3.2

2.8

Other current assets

10.7

4.3

9.0

8.4

Total assets

14196.9

13846.9

13462.3

13165.4

EQUITY AND LIABILITIES

Equity

Equity share capital

1111.6

1114.6

Subordinated debt (in nature of equity)

695.6

698.5

Other equity

215.6

91.6

15.2

2.2

Total equity

2022.7

1904.7

1828.2

1815.3

Liabilities

Non-current liabilities

Borrowings

4006.9

3868.2

3655.2

3325.7

Other financial liabilities

6959.2

6867.3

6662.6

6254.3

Provisions

121.5

73.5

109.4

148.7

Other non-current liabilities

0.4

0.0

Current liabilities

Borrowings

677.8

652.1

643.6

6 ,877.01

Trade payables

7.6

43.0

13.4

1 27.05

Other financial liabilities

383.8

421.0

545.4

9 ,168.71

Other current liabilities

12.9

13.9

3.0

6 .11

Provisions

0.2

0.1

1 .53

Current tax Liabilities (net)

3.8

3.3

1.4

3 3.05

Total liabilities

12174.1

11942.2

11634.1

11350.1

Total equity and liabilities

14196.9

13846.9

13462.3

13165.4

Source: Offer Document, Angel Research

May 02, 201

IRB InvIT Fund| IPO Note

Cash Flow Statement

Particulars (Rs. Cr)

FY14

FY15

FY16

9MFY17

Cash flow from operating activities

Profit/(Loss) before tax

-451.5

-1261.4

-590.6

-54.1

Adjustments to PBT to net cash flows

Interest expense

347.4

413.9

398.7

280.0

Depreciation and amortisation expenses

356.4

425.4

467.6

320.4

Dividend income on current investments

0.0

-0.4

0.0

Interest income

-12.2

-10.1

-9.6

-6.6

Operating profit before working capital changes

646.4

703.0

797.3

588.3

Movement in W.C.

-20.8

-201.9

-228.6

39.6

Cash generated from operations

625.6

501.1

568.7

524.1

Direct taxes paid (net of refunds)

-0.8

-1.3

-7.6

-5.3

Net cash flows from operating activities

624.9

499.8

561.1

518.8

Cash flows from investing activities

Sale proceeds from investments

2.5

0.0

-12.1

(Purch.)/sale of F. assets incld. CWIP and Cap. Adv.

-513.1

-38.4

-43.2

-17.4

Purchase/Proceeds from mat/redpt of fin. inst.

43.2

2.8

-4.2

-7.8

Dividend income

0.0

0.4

0.0

Interest received

13.3

8.9

9.9

6.6

Net cash flows from investing activities

-454.0

-26.6

-37.2

-30.6

Cash flow from financing activities

Proceeds from issuance of equity share capital

41.5

2.9

Proceeds from receipt of subordinated debt

41.5

2.9

Repayment of long-term borrowings

-8.4

-59.7

-160.7

-240.9

Interest paid

-346.4

-409.5

-387.6

-257.5

Net cash flows from financing activities

-271.8

-463.3

-548.3

-498.4

Net inc/(dec) in cash and cash equivalents

-100.9

9.9

-24.5

-10.2

Cash and cash equivalents at the beg. of the year

173.5

72.5

82.4

57.9

Cash and cash equivalents at the end of the year

72.5

82.4

57.9

47.7

Source: Offer Document, Angel Research

May 02, 201

IRB InvIT Fund| IPO Note

Research Team Tel: 022 - 39357800

E-mail: [email protected]

Website: www.angelbroking.com

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