IRB Infrastructure Developers Limited has informed the Exchange regarding issuance of modified preliminary and non-binding offer from IRB Infrastructure Trust to IRB InvIT Fund.
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IRB Infrastructure Developers informed exchanges that IRB Infrastructure Trust (its associate, a private InvIT) has issued a modified preliminary and non-binding offer to IRB InvIT Fund (a publicly listed InvIT) to transfer 3 toll road assets. The three assets are IRB Hapur Moradabad Tollway (~100 km in UP), Kaithal Tollway (~166 km in Haryana), and Kishangarh Gulabpura Tollway (~90 km in Rajasthan). This is an update to the original non-binding offer made on November 14, 2024. The offer remains non-binding and subject to definitive agreements, regulatory approvals, and shareholder/unitholder consents, with no guarantee a transaction will materialize.
For IRB Infrastructure Developers shareholders, this signals an internal consolidation move within the IRB group, shifting toll road assets from a private InvIT to the publicly listed IRB InvIT Fund. If the deal eventually goes through, it could unlock value for the listed InvIT unitholders by adding ~356 km of operating toll road length, but there is no certainty yet as the offer remains non-binding and multiple approvals are pending.