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 submitted a valuation report by independent valuer S. Sundararaman for three SPVs it proposes to acquire from its sponsor G R Infraprojects Limited under a Right of First Offer Agreement. The three HAM (Hybrid Annuity Model) road SPVs are GR Bilaspur Urga Highway (GBUHPL), GR Ena Kim Expressway (GEKEPL), and GR Ujjain Badnawar Highway (GUBHPL), all of which have achieved PCOD. Using the DCF method at a 7.33% WACC as of 31 December 2025, the total fair enterprise value of the three SPVs is Rs 27,768 Mn, adjusted EV is Rs 27,972 Mn, and equity value is Rs 4,239 Mn. GEKEPL is the largest at Rs 13,455 Mn EV, followed by GBUHPL at Rs 9,430 Mn and GUBHPL at Rs 4,884 Mn. The Trust currently owns 10 HAM road assets, and this would add three more to its portfolio.
This is a sponsor-related acquisition by a listed InvIT that will expand its road asset portfolio from 10 to 13 HAM projects. Investors should note the equity value is relatively small compared to EV (because of high debt), and the final acquisition price will likely be negotiated based on this valuation. The move could be modestly positive for unit holders if the acquired assets generate stable annuity cash flows, but the related-party nature warrants scrutiny of the deal price.