Data Infrastructure Trust, an infrastructure investment trust (InvIT) has planned to raise fundings worth up to Rs 66.66 billion from its sponsors including Brookfield, GIC Private Limited and British Columbia Investment, to fund the acquisition of American Tower Corporation’s (ATC) telecom portfolio in India.
On January 4, 2024, the Data Infrastructure Trust announced that it will acquire ATC’s India telecom business comprising 78,000 towers for an enterprise value of Rs 165 billion (subject to pre-closing terms). The acquisition is expected to be completed by September 2024.
The board of the InvIT has approved a plan to raise the funds from the investors through a private placement of 444.4 million units of InvIT at a price of Rs 150 per unit.
Further, Brookfield, GIC and British Columbia Investment aim to invest Rs 41.25 billion, Rs 16.74 billion and Rs 8.67 billion respectively. Meanwhile, the InvIT has secured debt funding of Rs 279 billion through non-convertible debentures (NCDs) from international investors.
In addition, the Data Infrastructure Trust board has also approved to raise debt from domestic investors and lenders to the tune of Rs 56 billion, comprising NCDs of Rs 18.5 billion and term loans of up to Rs 37.5 billion.
