Update provided by IRB Infrastructure Trust ( an associate of the Company) regarding issuance of a preliminary and non-binding offer (the "NBO") by the Board of Directors of MMK Toll Road ....
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IRB Infrastructure Trust (Private InvIT), an associate of IRB Infrastructure Developers Ltd, has issued a preliminary and non-binding offer to IRB InvIT Fund (a listed Public InvIT) for the transfer of two Build-Operate-Transfer (BOT) highway assets. The assets are Solapur Yedeshi NH211 in Maharashtra (395 lane kms, Rs.2,354 Crs) and Chittorgarh Gulabpura NH79 in Rajasthan (749 lane kms, Rs.2,309 Crs), totalling 1,144 lane kms with a combined enterprise value of approximately Rs.4,663 Crores as of March 31, 2026. The transaction is pursuant to the Right of First Offer (ROFO) granted to the Public InvIT and is subject to regulatory approvals, definitive agreements, and unitholder/shareholder consents. If completed, this would be IRB Infrastructure Trust's fourth such transfer to IRB InvIT Fund, following three previous BOT asset transfers (Rs.8,436 Crs) and one HAM asset transfer (Rs.1,200 Crs), potentially increasing IRB InvIT Fund's enterprise value to approximately Rs.23,000 Crores.
For IRB Infrastructure Developers Ltd shareholders, this announcement signals continued execution of the company's B.E.S.T. capital recycling strategy, allowing the group to monetize mature assets while expanding its public InvIT's asset portfolio. The transaction is currently non-binding with no immediate direct impact on IRB Infrastructure Developers Ltd's financials, but it could create valuation opportunities as the Public InvIT's enhanced asset base grows toward the group's Rs.1,40,000 Crore asset base target by 2029.