Nuanced structures in pooling of assets such as obligor/co-obligor or Infrastructure Investment Trust (InvIT) would propel refinancing of the infrastructure assets, says India Ratings and Research (Ind-Ra). In FY19, Ind-Ra rated issuers opted for pooled structures, including InvIT and raised INR70.63 billion, up 32% yoy. The agency expects about INR210 billion (INR100 billion in obligor/co-obligor and INR110 billion in InvITs) of potential transactions under the contemporary pooling model in the next 18 to 24 months.
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