News Corporate Actions National Highways Infra Trust Submits Q3FY26 Fund Utilization Statement to Stock ExchangesNational Highways Infra Trust Submits Q3FY26 Fund Utilization Statement to Stock Exchanges
National Highways Infra Trust filed its Q3FY26 Statement of Deviation/Variation with stock exchanges, reporting complete utilization of Rs. 6,134.80 Cr from March 2024 institutional placement with no deviations and minor variations in offer expenses. The trust also disclosed near-complete utilization of Rs. 5,051.63 Cr from another Rs. 5,053.48 Cr placement conducted in March 2025, with funds primarily deployed for infrastructure development through subsidiary companies NEPPL and NSPPL.
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National Highways Infra Trust has submitted its Statement of Deviation/Variation for the quarter ended 31st December, 2025, to both BSE and NSE, fulfilling regulatory requirements under SEBI Master Circular No. SEBI/HO/DDHS-PoD 2/P/CIR/2025/102 dated 11th July 2025.
Fund Utilization Overview
The trust reported on two separate institutional placements conducted during 2024 and 2025. The filing demonstrates comprehensive fund deployment across infrastructure development activities with minimal variations from planned allocations.
| Parameter: | Details |
|---|---|
| Filing Period: | Quarter ended 31st December, 2025 |
| Regulatory Framework: | SEBI Master Circular compliance |
| Deviations Reported: | Nil |
| Variations: | Minor in offer expenses |
March 2024 Institutional Placement Details
The trust's March 2024 fundraising comprised both institutional placement and preferential issue components, generating substantial capital for infrastructure investments.
| Component: | Amount (Rs. Cr) |
|---|---|
| Institutional Placement Proceeds: | 6,181.25 |
| Sponsor Contribution (Preferential Issue): | 1,090.81 |
| Total Unit Capital Raised: | 7,272.06 |
| Less: Offer Expenses: | (46.45) |
| Net Proceeds Available: | 6,134.80 |
Fund Deployment Breakdown
The net proceeds of Rs. 6,134.80 Cr have been completely utilized across designated purposes as outlined in the placement memorandum.
Primary Utilization Categories:
- NEPPL Infusion: Rs. 6,036.52 Cr for concession value payments, improvement costs, maintenance expenses, and reserve creation
- Trust-level Debt Service Reserve: Rs. 1.00 Cr for maintaining financial stability
- General Corporate Purposes: Rs. 33.55 Cr for operational requirements
- Additional Concession Fee: Rs. 63.73 Cr for regulatory compliance
Offer Expenses Analysis
The trust reported minor variations in offer expenses, with actual utilization of Rs. 42.07 Cr against estimated Rs. 46.45 Cr, leaving a balance of Rs. 4.38 Cr.
| Expense Category: | Estimated (Rs. Cr) | Actual (Rs. Cr) |
|---|---|---|
| Advisor Fees and Commission: | -- | 24.33 |
| Exchange/Depository Fees: | -- | 0.98 |
| Consultant Fees: | -- | 14.27 |
| Other Incidental Expenses: | -- | 2.49 |
| Total Utilized: | 46.45 | 42.07 |
March 2025 Institutional Placement
The trust also reported on a subsequent institutional placement conducted on 19th March, 2025, raising Rs. 5,053.48 Cr with near-complete fund utilization of Rs. 5,051.63 Cr.
Key Deployment Areas:
- NSPPL Infusion: Rs. 4,977.35 Cr for base concession fees, additional concession fees, maintenance costs, and reserve accounts
- Lender Fees at Trust Level: Rs. 12.40 Cr for financial arrangements
- General Corporate Purposes: Rs. 2.73 Cr for operational needs
Regulatory Compliance
The trust confirmed that no approvals were required to vary the objects stated in the offer documents, and both audit committee and auditor comments were marked as not applicable. The comprehensive utilization demonstrates effective capital deployment in line with stated infrastructure investment objectives.
