Excited by the overwhelming response from retail investors to the recent Infrastructure Investment Trust (InvIT) of the National Highways Authority of India (NHAI), in which Non-Convertible Debentures (NCDs) worth ₹1,430 crore were issued, Union Highways Minister Nitin Gadkari on Oct. 28 said retail’s share will increase in further such fundraisings to come.

The minister was addressing a rally at the Bombay Stock Exchange after listing the second tranche of NHAI InvIT and NCD, which earlier this month raised ₹1,430 crore and the issue was nearly seven times oversubscribed .

Up to 25% of the issue was reserved for retail investors, but NHAI did not say how many times the retail portion was oversubscribed, instead saying it received an overwhelming response.

Infrastructure investment trusts are mutual fund-like vehicles designed to pool investors’ money and invest in assets that will provide cash flows over a period of time.

“We want more and more general public to invest in these InvITs, I mean in our roads and I can assure you that NHAI’s roads offer 100% security for investors and also the best internal rate of return. So , in the future, we will have more of the portion being set aside for retail,” Gadkari said without quantifying any numbers.

Addressing the rally, NHAI President Alka Upadhyaya also said that upcoming NHAI InvITs will have more retail-only units, but did not quantify.

Mr Gadkari had said that InvIT has so far raised over ₹8,000 crore from foreign and domestic institutional investors but the second tranche was special as 25% of the NCD issuance was earmarked for retail investors.