Interise Trust , formerly known as IndInfravit Trust, has successfully raised Rs 2,074.82 crore through the allotment of senior, secured, rated, listed, redeemable, non-convertible debentures (NCDs). The allotment, approved on October 16, 2025, by the Investment & Finance Committee of Interise Investment Managers Private Limited, the trust's investment manager, marks a significant move in the infrastructure investment trust sector.

Debenture Details

The NCD issuance is structured in two series:

Key Points

• Total Raised: The combined value of both series amounts to Rs 2,074.82 crore.
• Listing: The debentures will be listed on BSE Limited.
• Interest Payment: The interest for both series is payable quarterly.
• Security: The NCDs are senior, secured, and rated instruments.

Investor Relations

Interise Trust also released its Statement of Investor Complaints for the quarter ended September 30, 2025. The report indicates:

• No investor complaints were pending at the beginning or end of the quarter.
• No new complaints were received during the quarter.
• This applies to both general complaints and those filed through the SCORES (SEBI Complaints Redress System) portal.

Market Impact

The successful raising of over Rs 2,000 crore through NCDs suggests strong investor confidence in Interise Trust. This capital infusion may support the trust's infrastructure investments and operations.

Investors and market watchers will likely observe how Interise Trust utilizes these funds and the impact on its future performance. The trust's ability to raise substantial capital through rated instruments may also indicate its financial position and market standing.

As the infrastructure sector continues to be a key focus area for economic growth, such fundraising activities by infrastructure investment trusts like Interise Trust play a role in channeling investments into infrastructure projects.

Interise Trust , a prominent infrastructure investment trust, has disclosed that the National Highways Authority of India (NHAI) has issued a circular on September 13, 2025, which could potentially affect toll rates for various Build-Operate-Transfer (BOT) projects within the Trust's portfolio.

NHAI Circular Details

The circular from NHAI introduces a reduction in the Wholesale Price Index (WPI) linking factor used for calculating toll rates on public-funded and BOT projects. This adjustment specifically impacts the conversion of WPI from the 2011-12 base year to the 2004-05 base year.

Potential Impact on Toll Rates

As a result of this change, current toll rates are expected to be affected, and there may be modifications to future toll rate calculations for BOT projects managed by Interise Trust's project Special Purpose Vehicles (SPVs).

Trust's Response

Interise Trust has reported that its Project Manager, along with the respective project SPVs and the Investment Manager, are currently evaluating the full impact of the NHAI circular. The Trust aims to determine the most appropriate course of action based on their assessment.

Financial Stability

Despite the potential changes in toll rates, Interise Trust maintains a strong financial position. The Trust recently received reaffirmations of its credit ratings from ICRA Limited, including:

• [ICRA]AAA(Stable) rating for its Non-Convertible Debentures (NCDs)
• [ICRA]A1+ rating for its Commercial Paper program
• [ICRA]AAA(Stable) Issuer rating

Upcoming Developments

The Investment & Finance Committee of the Board of Directors of Interise Investment Managers Limited, acting as the Investment Manager for Interise Trust, is scheduled to meet to consider raising funds through the issuance of Non-Convertible Debentures. This proposed issuance, if approved, will be within the limits previously sanctioned by the unitholders of the Trust.

Investors and stakeholders are advised to monitor further announcements from Interise Trust regarding the impact of the NHAI circular and any subsequent decisions made by the Trust's management.