Cube Highways Trust , a privately placed Infrastructure Investment Trust (InvIT), is considering a significant strategic move that could reshape its market presence and investor base. The board of directors of Cube Highways Fund Advisors Private Limited, the Trust's investment manager, has approved the evaluation of various opportunities, including the potential conversion of the Trust from a privately placed InvIT to a publicly placed one.

Key Developments

The Trust is exploring several strategic options:

1. Conversion to Public InvIT: The primary consideration is the transformation from a private to a public InvIT structure.
2. Offer for Sale: This could involve an offer for sale of existing units, potentially broadening the investor base.
3. Asset Acquisitions: The Trust is evaluating opportunities for further asset acquisitions to strengthen its portfolio.
4. Fundraising: Exploring various fundraising avenues to support growth initiatives.
5. Investor and Advisor Engagement: Plans to engage with investors and advisors to assess market sentiment and gather strategic insights.

Evaluation Process and Approvals

It's important to note that these developments are part of an evaluation process. Any decisions resulting from this assessment will require:

1. Further approval from the board of directors
2. Approval from unitholders, where applicable

Unitholder Participation

As part of this process, Cube Highways Trust plans to approach its current unitholders to gauge their interest in participating in the potential offer for sale, should it be undertaken.

Regulatory Compliance

The Trust has emphasized its commitment to regulatory compliance throughout this evaluation process. The announcement was made in accordance with:

• Regulation 23 of SEBI (Infrastructure Investment Trusts) Regulations, 2014
• Regulation 51 of SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015

Market Implications

While the outcome of this evaluation remains to be seen, the potential conversion to a publicly placed InvIT could have significant implications for Cube Highways Trust:

• Increased Liquidity: A public listing could potentially enhance the liquidity of the Trust's units.
• Broader Investor Base: The move might attract a wider range of investors, including retail participants.
• Enhanced Market Visibility: Public status could lead to greater market visibility and scrutiny.

Investors and market watchers will be keenly observing the developments as Cube Highways Trust navigates this strategic evaluation process. The Trust has committed to keeping the exchanges updated on any material developments resulting from this assessment.

For more detailed information, stakeholders can refer to the official correspondence available on the Trust's website at https://www.cubehighwaystrust.com/investor-center/other-regulatory-filings .

Cube Highways Trust , a leading infrastructure investment trust (InvIT), has reported that one of its sponsors, Cube Highways and Infrastructure III Pte. Ltd., has created an indirect encumbrance on a significant portion of its units.

Key Details of the Encumbrance

• Number of Units: 78,044,436
• Percentage of Total Outstanding Units: 5.81%
• Percentage of Sponsor's Total Holding: 27.91%
• Creation Date: September 22, 2025
• Expiration Date: September 25, 2026
• Encumbrance in Favor of: Sumitomo Mitsui Banking Corporation Singapore Branch

Purpose of the Encumbrance

The encumbrance is related to a secured syndicated loan facility that ISQ Asia Infrastructure Holdings II Pte. Ltd. (ISQ II) intends to obtain from Standard Chartered Bank (Singapore) Limited and Sumitomo Mitsui Banking Corporation Singapore Branch. The loan proceeds will be used for a strategic acquisition by Cube Highways and Infrastructure II Pte Ltd (CH II), a group company of Cube Highways and Infrastructure III Pte. Ltd.

Acquisition Details

CH II plans to acquire all shares and Optionally Convertible Debentures (OCDs) of Chenani-Nashri Tunnelway Limited (CNTL), a company registered in India. This acquisition requires a significant capital infusion to meet the agreed-upon investment commitment.

Financing Structure

Due to ISQ Asia Infrastructure Holdings Pte. Ltd.'s (ISQ) current inability to provide additional funds, ISQ II has stepped in to fulfill the commitment. As part of the financing arrangement:

1. ISQ II will pledge Class B Shares held in CH II.
2. Ordinary shares of Cube Highways and Infrastructure III Pte. Ltd. will also be pledged in favor of the lenders.

Implications for Unit Holders

In the event of enforcement, the lenders will have the right to sell the units held by Cube Highways and Infrastructure III Pte. Ltd. in Cube Highways Trust (limited to ISQ II's portion) as an indirect recourse.

Regulatory Compliance

This disclosure has been made in compliance with the Securities and Exchange Board of India's (SEBI) regulations, specifically under Chapter 10 of SEBI's Master Circular dated July 11, 2025. The information has been communicated to both the BSE Limited and the National Stock Exchange of India Limited, where the units of Cube Highways Trust are listed.

Investors and stakeholders of Cube Highways Trust should take note of this development, as it represents a significant change in the encumbrance status of a substantial portion of the trust's units held by one of its sponsors.