JP Morgan on Monday said it had invested Rs.530 crore in Andhra Pradesh Expressway, a special purpose vehicle floated by IL&FS Transportation Networks, by subscribing to a bond issue.

The issue is important as this is the first such bond sale in two years and the first instance of a private capital market investor investing in the bonds of an infrastructure SPV, said JP Morgan, which was the sole book-runner and structuring advisor to the issue.

JP Morgan also said the bonds were partly distributed to domestic mutual funds.

Andhra Pradesh Expressway owns a concession for 74.6 km stretch on the NH 7, from the Kotakatta bypass to Kurnool. IL&FS could not be reached for comments.

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