PNC Infratech Limited has announced a significant leadership change with the resignation of its Chief Financial Officer, Mr. Devendra Kumar Agarwal, due to health issues. The company informed the stock exchanges about this development through a regulatory filing dated March 31, 2026.

Resignation Details

The Board of Directors has accepted Mr. Agarwal's resignation, which becomes effective from the closing of business hours on March 31, 2026. The resignation was submitted in compliance with Regulation 30(6) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Confirmation and Transparency

In his resignation letter, Mr. Agarwal expressed gratitude to the Board of Directors for the opportunity and cooperation during his tenure as Chief Financial Officer. He specifically confirmed that there are no material reasons for his resignation other than the health issues mentioned in his resignation letter, ensuring transparency in the transition process.

Succession Planning

PNC Infratech has indicated that it is actively in the process of appointing a new Chief Financial Officer. The company has committed to informing the stock exchanges about the new appointment in due course, ensuring continuity in financial leadership and regulatory compliance.

Trading Window Restrictions

As per the company's code of conduct for prohibition of insider trading and pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015, the trading window for dealing in company securities will remain closed for designated employees, immediate relatives, specified persons, and connected persons until 48 hours from the date this information is made available to exchanges and the public.

Regulatory Communication

The intimation was signed by Tapan Jain, Company Secretary & Compliance Officer, and submitted to both BSE Limited and National Stock Exchange of India Limited. The company's scrip code on BSE is 539150, while its symbol on NSE is PNCINFRA.

PNC Infratech Limited has successfully completed the transfer of its final Special Purpose Vehicle (SPV) to Vertis Infrastructure Trust, marking a significant milestone in the company's strategic asset disposal program. The transfer of PNC Challakere (Karnataka) Highways Private Limited was completed on March 27, 2026, concluding all twelve identified SPV transfers under the comprehensive Share Purchase Agreement.

Transaction Completion Details

The company, along with its Wholly Owned Subsidiary PNC Infra Holdings Limited, transferred their entire stake in PNC Challakere (Karnataka) Highways Private Limited to Vertis Infrastructure Trust on March 27, 2026. This completion represents the final transfer under the Share Purchase Agreement dated January 2024, involving a portfolio of 12 road assets comprising 11 National Highway Hybrid Annuity Mode (HAM) projects and 1 State Highway BOT (Toll) project.

Financial Performance and Transaction Structure

PNC Challakere (Karnataka) Highways Private Limited demonstrated solid financial performance for the financial year ended March 31, 2025. The transaction was concluded at an Enterprise Value of ₹683.84 crore with specific consideration components received on completion.

Buyer Profile and Strategic Portfolio

Vertis Infrastructure Trust, the acquiring entity, is an Infrastructure Investment Trust (InvIT) sponsored by affiliates of KKR and registered with SEBI under registration number IN/InvIT/21-22/0019. The trust operates from its principal place of business at Piramal Tower, Peninsula Corporate Park, Lower Parel, Mumbai.

The divested portfolio spans across multiple states including Uttar Pradesh, Madhya Pradesh, Karnataka, and Rajasthan, representing a comprehensive infrastructure asset base. The transaction does not fall within the purview of related party transactions, as the buyer does not belong to or relate to the promoter, promoter group, or group companies.

Strategic Completion and Asset Monetization

With this final transfer, PNC Infratech has successfully completed its comprehensive asset disposal program involving twelve Special Purpose Vehicles. The completion of this transaction represents a significant milestone in the company's asset monetization strategy, enabling it to unlock value from its operational asset portfolio, strengthen its balance sheet, and enhance financial capability for future investment opportunities.

The deal received necessary shareholder approval through a Special Resolution passed during the 25th Annual General Meeting held on September 28, 2024. This completion represents the culmination of a strategic initiative that began with the original Share Purchase Agreement in January 2024.