INTERISE TRUST has informed the Exchange regarding Disclosure of material issue
Awaiting price reaction for this filing.
Interise Trust (formerly IndInfravit Trust), through its Investment Manager Interise Investment Managers Limited, has received in-principle approval from its Investment & Finance Committee to borrow up to Rs. 800 Crores through commercial papers, to be issued in one or more tranches. The borrowing will stay within the overall borrowing limits already approved by the Board of Directors and unitholders. The Trust will make the required disclosures under SEBI LODR Regulation 50 and SEBI InvIT Regulations. The commercial papers will be allotted upon further approvals and intimations to the exchanges.
The Trust is raising fresh short-term debt of up to Rs. 800 Crores within existing approved limits. For unit holders, this raises the Trust's leverage and debt-servicing obligations, and could put downward pressure on distribution yields if the proceeds do not earn higher returns than the borrowing cost. Watch for the next intimation on actual allotment amount and coupon rate.