Interise Trust has announced the allotment of commercial papers worth Rs. 85.70 crores, marking a significant capital market transaction under SEBI Infrastructure Investment Trust regulations. The allotment was approved by the Investment and Finance Committee of the trust's investment manager on February 17, 2026.

Commercial Paper Details

The allotment comprises 1,714 unsecured, listed, rated commercial papers with specific parameters designed for short-term funding requirements.

Regulatory Compliance and Listing

The commercial paper issuance has been structured in full compliance with SEBI InvIT Regulations and applicable securities regulations. The transaction follows the Securities and Exchange Board of India (Infrastructure Investment Trusts) Regulations, 2014, along with relevant circulars and guidelines. Additionally, the issuance adheres to the Securities and Exchange Board of India (Issue and Listing of Non-Convertible Securities) Regulations, 2021.

The listing application has been submitted to BSE Limited, with the commercial papers expected to be listed by February 18, 2026. This timeline indicates a swift transition from allotment to market listing.

Key Stakeholders

The transaction involves multiple institutional stakeholders ensuring proper governance and compliance:

• Investment Manager: Interise Investment Managers Private Limited
• Trustee: IDBI Trusteeship Services Limited
• Debenture Trustee: Axius Trustee Services Limited
• Issuer and Paying Agent: ICICI Bank Limited

Market Positioning

This commercial paper issuance represents Interise Trust's continued access to capital markets for short-term funding requirements. The 41-day tenure positions these instruments as bridge financing solutions, while the rated nature of the papers provides transparency for potential investors. The successful allotment demonstrates the trust's ability to raise funds through debt capital markets under the InvIT structure.

Interise Trust has submitted its Statement of Security Cover for the quarter ended December 31, 2025, to BSE Limited, demonstrating a robust security cover ratio of 2.16 times for its listed secured redeemable non-convertible debt securities. The filing was made pursuant to Regulation 54 read with Regulation 56(1)(d) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Security Cover Analysis

The trust reported total security cover of ₹15,11,876.53 lakhs against secured debt of ₹6,99,405.23 lakhs as of December 31, 2025. This translates to a pari-passu security cover ratio of 2.16 times, indicating strong asset backing for the debt securities.

Asset Composition

The trust's asset portfolio is diversified across multiple categories, with the largest components being equity instruments and loans to related parties. The asset breakdown shows:

Debt Structure

The secured debt comprises non-convertible debentures and term loans from banks, both carrying pari-passu charges on the trust's assets:

Additionally, the trust has unsecured liabilities including commercial paper of ₹84,500.00 lakhs and other liabilities of ₹1,965.17 lakhs.

Security Structure

The listed secured redeemable non-convertible debentures are secured by first ranking pari-passu security interests over various assets of Pool III SPVs, including Simhapuri Expressway Limited, Rayalseema Expressway Private Limited, Igatpuri Highway Private Limited, and Kosi Bridge Infrastructure Company Private Limited. The security includes immovable assets, hypothecated properties, pledged securities, and assignment of rights in respect of loans made to these SPVs.

Independent Auditor Certification

Sharp & Tannan, Chartered Accountants (Firm Registration No. 003792S), the statutory auditors of the trust, provided independent certification on the book value of assets contained in columns A to J of the security cover statement. The auditors confirmed that the particulars relating to book value of assets have been accurately extracted from the unaudited books of account and other relevant records as at December 31, 2025.

The statement was signed by Amit Shah, Chief Compliance Officer and Vice President – Company Secretary, on behalf of Interise Investment Managers Private Limited, acting as the investment manager of the trust.

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