Kairus Shavak Dadachanji-Led Investors Buy 15.6 Million Units Of Shrem InvIT At Rs 177 Crore

Updated on: 25 March 2023 4:28 pm

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Paid Competitive Gaming To Grow 6X Faster Than Overall Gaming Market: Study Photo: The report revealed that Paid Competitive Gaming, a relatively new form of gaming, is set to become one of the fastest-growing gaming segments, with a CAGR of 31.9 per cent from 2021 to 2024, compared to the overall mobile gaming industry's 4.9 per cent

A group of investors led by Kairus Shavak Dadachanji, Chairman of Dadachanji Group of Companies buy 15.6 million units of Shrem InvIT with a total investment value of Rs. 177 crores.

This is Dadachanji’s third investment in Shrem InvIT wherein he bought nine million units at Rs. 114 per unit with a total investment of Rs. 102 crore. His current stake in Shrem InvIT now stands at over five per cent.

Earlier on the 10th of November 2022, Dadachanji invested in Shrem InvIT for the second time when he bought 15 million units at Rs 104 per unit. His stake went up to 4.6% with the total investment at Rs. 156 crores.

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Shrem InvIT claims to hold a bouquet of 28 assets that are a mix of HAM, Annuity, and Toll projects. The projects are spread across nine states in India and they have received 249 Annuities as of December 2022. The total amount received by Shrem InvIT is around Rs. 3843.65 crores. They acquired four of 10 new assets in November 2022 and the rest are scheduled for March 2023. The total lane kilometers of the portfolio is approximately 10,000 kilometers.

In a statement, the company has claimed that InvITs are a relatively new investment type in India, introduced by SEBI in 2014. However, they have experienced rapid growth and have risen as a reliable way for investors to receive a steady cash flow.

Nitan Chhatwal, chairman of Shrem InvITs, said, “The popularity of InvITs has been on the rise in India as they have fared better in comparison to traditional infrastructure investment options. We are extremely happy to have the faith of renowned investors including Kairus Shavak Dadachanji with the new fund infusion in Shrem InvITs. This clearly shows that seasoned investors have a high preference for new-age investment avenues like InvITs.”