IRB Invit Fund has informed the Exchange regarding Notice of Extraordinary General Meeting scheduled to be held on 01/11/2025
Awaiting price reaction for this filing.
IRB InvIT Fund has called an Extraordinary Meeting of Unitholders on November 1, 2025 (via video conferencing) to seek approval for issuing up to 15,96,95,000 units on a preferential basis at ₹62.95 per unit, aggregating up to ₹1,005.28 crore. The units will be allotted to IRB Infrastructure Developers Limited (Sponsor, 11.97 crore units for ~₹753.48 crore) and Larsen and Toubro Limited (Non-Sponsor, 4 crore units for ~₹251.80 crore). The proceeds will be used to partially fund the acquisition of three toll road SPVs: IRB Hapur Moradabad Tollway Ltd, Kaithal Tollway Ltd, and Kishangarh Gulabpura Tollway Ltd. The issue price of ₹62.95 is based on the higher of 90-day and 10-day VWAP preceding the relevant date of October 1, 2025, and is below the Trust's NAV of ₹95.64 per unit (as of March 31, 2025). The resolution requires a special majority (at least 60% of votes cast). Remote e-voting is open from October 27 to October 31, 2025.
The preferential issue at ₹62.95 is at a significant discount (~34%) to the NAV of ₹95.64, which is dilutive for existing unitholders. However, the capital raise strengthens the InvIT by funding acquisition of three operating toll assets and brings in L&T as a new institutional investor, potentially improving long-term portfolio quality and sponsor support.