Maple Infrastructure Trust has informed the Exchange regarding Disclosure of material issue
Awaiting price reaction for this filing.
The Board of Maple Infrastructure Trust's Investment Manager approved, subject to unitholder approval, the acquisition of five toll road SPVs from Ashoka Concessions Limited and its associates at an enterprise value of approximately INR 49,775 million (~INR 4,977 crore), covering 100% equity and existing shareholder debt. The Board also approved a preferential issue of up to 12,06,03,200 units at INR 145.6 per unit (NAV-based), which could raise up to ~INR 1,756 crore. Additionally, it approved changing the use of proceeds from the June 2022 private placement, execution of the Third Amended Investment Management Agreement, and an amendment to the Distribution Policy. All these items will be put to unitholders via postal ballot. Maple Highway Project Management Private Limited was appointed as project manager for the acquired assets.
This is a major portfolio expansion for Maple Infrastructure Trust, adding five operating toll roads and meaningfully scaling its asset base, which could support higher future distributions if the acquired assets perform well. However, the preferential unit issuance at NAV and the change in use of earlier placement proceeds may lead to dilution for existing unitholders and a shift in the trust's capital allocation, making the unitholder vote the key event to watch.