Three members of the sponsor group of cube highways trust disposed of a combined 239,869,669 ordinary units through an Offer for Sale (OFS) on July 29, 2026. The transactions, valued at INR 24,727,269,688 in aggregate, resulted in a significant reduction in the sponsor group's overall stake in the infrastructure investment trust. The disclosures were submitted to the BSE and NSE on August 1, 2026, pursuant to Regulation 7(2)(b) of the SEBI (Prohibition of Insider Trading) Regulations, 2015.

The sale was executed by three distinct entities within the sponsor group: Cube Highways and Infrastructure III Pte. Ltd., Cube Highways and Infrastructure II Pte. Ltd., and Cube Mobility Investments Pte. Ltd. All three entities are based in Singapore and acted as members of the sponsor group for these transactions. The mode of disposal for all three entities was listed as OFS, with no exchange execution applicable as per the filing.

Transaction Details

The following table outlines the specific holdings before and after the disposal for each entity:

Cube Highways and Infrastructure II Pte. Ltd. saw the most drastic reduction in its stake, dropping from 8% to just 0.05%. Cube Highways and Infrastructure III Pte. Ltd. reduced its holding from 19.00% to 15.02%, while Cube Mobility Investments Pte. Ltd. decreased its stake from 10% to 3.56%.

Regulatory Compliance

The disclosures were signed by Lin Le, Director, on July 31, 2026, in Singapore. The intimation was provided to the company on July 31, 2026, and subsequently filed with the exchanges. The filings confirm that the value of the transaction excludes taxes, brokerage, and any other charges. The disclosures align with the Policy on unpublished price-sensitive information and dealing in securities by parties to Cube Highways Trust.

What the Numbers Show

The coordinated nature of the sales across three major sponsor entities suggests a strategic restructuring or exit plan by the sponsor group. The substantial volume of units sold—representing nearly 240 million units—indicates a significant liquidity event for these shareholders. While the post-sale holdings remain material for two of the entities, the near-complete exit by Cube Highways and Infrastructure II Pte. Ltd. marks a notable shift in the ownership structure of the InvIT.

Cube Highways Trust has officially converted from a privately listed infrastructure investment trust (InvIT) to a publicly listed InvIT, effective July 31, 2026. The Bombay Stock Exchange (BSE) and the National Stock Exchange of India Limited (NSE) granted trading approval for the trust’s units on July 30, 2026, confirming the status change. This transition allows existing eligible unitholders to sell their stakes in an offer for sale valued at approximately ₹ 50,000 million, significantly expanding the investor base and enhancing liquidity for the trust’s units in the public market.

The conversion follows the filing of the Final Offer Document with the Securities and Exchange Board of India (SEBI) on July 27, 2026, pursuant to Regulation 23 of the SEBI (Infrastructure Investment Trusts) Regulations, 2014. The move aligns with SEBI Master Circular no. SEBI/HO/DDHS-PoD-2/P/CIR/2025/102 dated July 11, 2025, and a subsequent circular dated August 08, 2025. Cube Highways Fund Advisors Private Limited, acting as the investment manager, secured approval for the filing through a resolution by circulation passed on July 27, 2026, following earlier unitholder approval on February 20, 2026.

With effect from July 31, 2026, Cube Highways Trust ceases to be governed by the regulatory framework for privately placed InvITs and must comply with all provisions applicable to publicly offered and listed InvITs. The trust’s units, identified by Scrip Code 543899 and ISIN INE0NR623014, are now admitted to dealings in the Normal Market segment with a trading lot size of one unit. A total of 1,344,069,762 units are admitted to dealings, with the scrip included in the Call Auction during the Pre-open Session on the effective date.

Lock-in conditions apply to specific portions of the units. Approximately 1.015 billion units are free from lock-in, while 111 million units remain locked-in until August 27, 2026, and 82 million units until January 26, 2027. The remaining 135 million units are also free. Trading is compulsory in dematerialised form, as per SEBI guidelines dated February 16, 2000.

Richa Gupta Rohatgi, Company Secretary and Compliance Officer at Cube Highways Fund Advisors Private Limited, digitally signed the submission to the exchanges. The investment manager’s corporate office is located in Noida, Uttar Pradesh, with its registered office in New Delhi. The conversion process was monitored by Axis Trustee Services Limited as the Trustee to the InvIT and Catalyst Trusteeship Limited as the Debt Security Trustee.