Indus Infra Trust has informed the Exchange regarding Disclosure of material issue
Awaiting price reaction for this filing.
Indus Infra Trust (formerly Bharat Highways InvIT) has shared the valuation report for GR Bahadurganj Araria Highway Private Limited (GBAHPL), a 44.98 km HAM road project in Bihar, which the Trust proposes to acquire from G R Infraprojects Limited under a Right of First Offer Agreement. The independent valuer (S. Sundararaman) has assessed the fair enterprise value of the SPV at INR 6,351 million, with an adjusted enterprise value of INR 6,363 million, and an equity value of INR 913 million, using the DCF method at a 7.42% WACC. GBAHPL achieved PCOD on 10 August 2024 and is one of 9 HAM road assets held by the Trust. The acquisition is a related party transaction as the seller is the sponsor's group company, and the Trust will also take over an unsecured loan of INR 1,383 million from G R Infraprojects.
If completed, this would add a 10th road asset to the Trust's portfolio, growing the asset base by roughly 10% based on the valuation. Since this is a related party transaction at a pre-determined valuation, unitholders should watch for unit issuance terms, the impact on distributions, and any unitholder voting required for approval.