Anantam Highways Trust unitholders approve seven expressway acquisitions

Unitholders of Anantam Highways Trust have approved the acquisition of seven expressway assets and the issuance of units on a preferential basis for consideration other than cash. The approvals were secured through a postal ballot process that concluded on July 25, 2026, enabling the trust to expand its infrastructure portfolio significantly. The voting results reflect strong support from public institutional holders, who cast the majority of votes in favor, while the sponsor group abstained from participating in the poll.

The postal ballot notice, dated July 03, 2026, was issued by Alpha Alternatives Fund-Infra Advisors Private Limited, acting as the Investment Manager. The process complied with Regulation 22(2) of the Securities and Exchange Board of India (Infrastructure Investment Trusts) Regulations, 2014, and SEBI Master Circular No. SEBI/HO/DDHS-PoD-2/P/CIR/2025/102 dated July 11, 2025. M/s. KDA & Associates, represented by partner Nikunj R. Makwana, served as the scrutinizer for the remote e-voting process conducted via National Securities Depository Limited (NSDL).

The first resolution sought approval for the acquisition of Bethamangala Expressway Private Limited (BEPL), DAK Package I Expressway Private Limited (DEPL), and Katra Expressway Private Limited (KEPL). This resolution required a simple majority and received overwhelming support. A total of 10,64,95,855 votes were polled out of 21,75,00,000 outstanding units, representing a 48.96% turnout. Of these, 10,64,95,843 votes (100.00%) were cast in favor, with only 12 votes against. Public institutional holders accounted for 75.12% of their held units in the vote, while public non-institutional holders showed a 78.77% participation rate.

The second resolution approved the acquisition of Poondiyankuppam Highways Limited (PHL), Bangarupalem Gudipala Highways Limited (BGHL), Raipur-Visakhapatnam-CG-2 Highways Limited (RVHL), and Mehgama Hansdiha Highways Limited (MHHL). This resolution also required a simple majority. Voting participation was lower, with 1,06,45,716 votes polled (4.89% turnout). However, the resolution passed with 1,06,45,704 votes in favor (100.00%) and 12 against. Institutional holders again drove the support, casting 75.12% of their units, while non-institutional participation remained minimal at 0.02%.

The third resolution authorized the issuance of units on a preferential basis for an aggregate consideration other than cash, requiring a special majority. This resolution saw a 2.63% turnout, with 57,12,494 votes polled. It passed with 57,11,946 votes in favor (99.99%) and 548 against (0.01%). Notably, public non-institutional holders showed slightly higher dissent in this item, with 3.00% of their polled votes cast against the resolution, compared to zero dissent from institutional holders.

What the Numbers Show

The voting pattern highlights a distinct divergence between institutional and non-institutional unitholder engagement. While institutional holders demonstrated high conviction by participating heavily in the asset acquisition votes (75.12% and 78.77% participation respectively), their engagement dropped to 40.25% for the preferential issuance resolution. Conversely, non-institutional participation was negligible across all items, ranging from 0.02% to 78.77%, suggesting that retail or smaller investors may be less active in remote e-voting processes or are represented primarily through institutional channels. The complete absence of sponsor voting indicates a strategic decision to let independent unitholders determine the outcome of these material transactions.

Resolution Description	Votes Polled	Turnout %	Votes In Favor	% Support	Votes Against
Acquisition of BEPL, DEPL, KEPL	10,64,95,855	48.96 %	10,64,95,843	100.00 %	12
Acquisition of PHL, BGHL, RVHL, MHHL	1,06,45,716	4.89 %	1,06,45,704	100.00 %	12
Preferential Unit Issuance	57,12,494	2.63 %	57,11,946	99.99 %	548

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
-0.44%	+0.61%	-0.50%	+1.48%	-0.39%	-0.39%

Anantam Highways Trust unitholders have approved the trust’s audited financial statements for FY26 and endorsed its valuation as of March 31, 2026, during the first annual meeting held on July 24, 2026. The meeting, conducted via video conferencing in compliance with Securities and Exchange Board of India (Infrastructure Investment Trusts) Regulations, 2014 read with SEBI Master Circular No. SEBI/HO/DDHS-PoD2/P/CIR/2025/102 dated July 11, 2025, saw unitholders vote on six key resolutions, including the appointment of auditors and valuers for upcoming fiscal years.

The resolutions were passed by a simple majority, with remote e-voting conducted through the National Securities Depository Limited (NSDL) platform from July 20 to July 23, 2026. A total of 4,959 unitholders were eligible to vote on the cut-off date of July 17, 2026, with 6 unitholders present via video conferencing. The sponsor group and public institutional investors voted unanimously in favor of all resolutions, while public non-institutional investors showed near-unanimous support.

Voting Results

The combined voting results for remote e-voting and voting at the annual meeting are detailed below:

Resolution	Total Votes Polled	Votes in Favor	% Support
Adoption of FY26 Financial Statements	18,24,59,228	18,24,59,216	99.999993%
Approval of Valuation Report	18,24,59,228	18,24,59,216	99.999993%
Ratification of Valuer for FY25-26	18,24,59,228	18,24,59,216	99.999993%
Appointment of Valuer for FY26-27	18,24,59,228	18,24,59,216	99.999993%
Appointment of Statutory Auditor	18,24,59,228	18,24,59,216	99.999993%
Approval of Aggregate Borrowings	18,24,59,228	18,24,59,056	99.999906%

Key Resolutions Approved

Unitholders considered and adopted the audited standalone and consolidated financial statements of Anantam Highways Trust for the financial year ended March 31, 2026, together with the report of the auditors thereon. The trust also approved the valuation report issued by Mr. S. Sundararaman, independent valuer, for the valuation of the trust as at March 31, 2026.

Additionally, the unitholders ratified the appointment and remuneration of the valuer for the financial year 2025-26 and approved the appointment and remuneration of the valuer for the financial year 2026-27. The statutory auditor was also re-appointed with fixed remuneration.

Borrowing Limits

A significant resolution involved approving the aggregate consolidated borrowings and deferred payments of Anantam Highways Trust up to 49% of the value of InvIT assets and matters related thereto. This resolution received 99.999906% support, with only 172 votes cast against it out of 18,24,59,228 polled.

Meeting Proceedings

The meeting commenced at 4:00 P.M. IST with Mr. Naresh Kothari occupying the chair. Mr. Jignesh Shah, Whole-time Director & Chief Financial Officer, shared industry updates with the unitholders. Mr. Chandra Kant Sharma, Company Secretary & Compliance Officer, informed attendees about the remote e-voting facility and the presence of the scrutinizer, Mr. Nikunj R Makwana, Partner at M/s. KDA & Associates.

No questions were raised during the Q&A session. The meeting concluded at 4:33 P.M. IST after a 15-minute window for e-voting post-meeting. The scrutinizer’s report and voting results have been submitted to the National Stock Exchange of India Limited and BSE Limited.