IRB Infrastructure Developers Limited has informed the Exchange regarding 'Update on Non-Binding Offer from IRB Infrastructure Trust to IRB InvIT Fund'.
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Awaiting price reaction for this filing.
Unitholders of IRB InvIT Fund (the publicly listed InvIT sponsored by IRB Infrastructure Developers) have approved, with around 96% majority via postal ballot, the acquisition of 100% equity in three BOT toll road SPVs — Kaithal Tollway, IRB Hapur Moradabad Tollway, and Kishangarh Gulabpura Tollway — from the group's private InvIT, IRB Infrastructure Trust, at an enterprise value of ₹8,436 crore (equity value ₹4,905 crore) as of June 30, 2025. Unitholders also cleared a fundraise of up to ₹5,000 crore to finance the deal and appointed IRB Infrastructure Developers as the project manager for operations and maintenance. The deal roughly doubles the InvIT's enterprise value from ₹7,800 crore to over ₹16,000 crore, extends the portfolio's average asset life from 14 to 17 years, and adds presence in Uttar Pradesh and Haryana across about 1,800 lane kilometres. The transaction still needs regulatory approvals to close.
Positive for IRB group structure — consolidates road assets under the listed InvIT, boosts IRB's O&M order book by ~₹3,100 crore (to ~₹33,600 crore), and may support InvIT unit value over time; near-term impact on IRB Infrastructure Developers stock is limited since the deal is between two group InvITs and remains subject to approvals.