IRB InvIT Fund disclosed the Valuation Report issued by Grant Thornton Valuation Advisors Private Limited, along with Traffic Due Diligence Reports and O&M Cost Projection Reports for the acquisition of Solapur Yedeshi Tollway Limited (SYTL) and CG Tollway Limited (CGTL) from IRB Infrastructure Trust. The Investment Manager to IRB InvIT Fund approved a binding term sheet for this related party transaction, which involves an aggregate equity value of INR 2,744 crore and an aggregate enterprise value of INR 4,605 crore as of September 30, 2026.

The valuation, dated March 31, 2026, estimates the fair equity value of the target assets at INR 2,810.8 crore. An illustrative roll forward to September 30, 2026, projects an equity value of INR 2,945.9 crore. The transaction involves the transfer of 100% of the equity share capital of the Target SPVs and the repayment of subordinated debt and shareholder loans.

Valuation and Traffic Due Diligence

Grant Thornton Valuation Advisors Private Limited utilized the Discounted Cash Flow (DCF) method to arrive at the fair value, considering financial projections provided by the management. The weighted average cost of capital (WACC) for the target assets was estimated at 9.4%. The valuation report confirms that the management has provided audited balance sheets as of March 31, 2026, and projected balance sheets for September 30, 2026.

Steer Davies Gleave India Private Limited conducted the traffic due diligence, providing traffic and revenue forecasts for the concession periods. The reports include detailed traffic analysis, origin-destination surveys, and revenue projections for both assets, which are expected to enhance revenue stability and expand the portfolio through geographical diversification.

O&M Cost Projections

LEA Associates South Asia Pvt. Ltd. issued the O&M Cost Projection Reports for both assets. The total O&M cost for SYTL, including GST, is estimated at INR 1,071.58 crore for the period from October 2026 to June 2046. For CGTL, the total O&M cost, including GST, is estimated at INR 1,591.12 crore for the period from October 2026 to January 2042.

An extraordinary general meeting of unitholders will be convened to seek approval for the acquisition. The indicative timeline for the completion of the sale is on or prior to September 30, 2026, with a long stop date of December 31, 2026.

IRB InvIT Fund will conduct its 9th Annual Meeting of Unitholders on July 23, 2026, at 11:00 am IST via Video Conferencing. The meeting seeks approval for the audited standalone and consolidated financial statements for the year ended March 31, 2026. Unitholders will also consider the appointment of KPMG Valuation Services LLP as the valuer for the Trust and its Project SPVs for the financial year 2026-27 at a remuneration of ₹30,00,000 plus applicable goods and services tax.

The Investment Manager’s Board approved the convening of this meeting to facilitate shareholder participation. KPMG Valuation Services LLP, registered with the Insolvency and Bankruptcy Board of India under registration number IBBI/RV-E/06/2020/115, is proposed as the independent valuer. The firm is not an associate of the Sponsor, Investment Manager, or Trustee.

Remote e-voting commences on July 18, 2026, at 9:00 am and concludes on July 22, 2026. The cut-off date for determining unitholder eligibility is July 16, 2026. Participation at the meeting through video conferencing will be allowed on a first-come-first-served basis for the first 1,000 unitholders. Mihen Halani & Associates has been appointed as the scrutinizer for the e-voting process.

Key Meeting Details

The intimation regarding the meeting was submitted to the stock exchanges on June 25, 2026. The filing was made by Swapna Arya, Company Secretary and Compliance Officer of IRB Infrastructure Private Limited, the Investment Manager to the Trust.