IRB InvIT Fund is considering the potential acquisition of VM7 Expressway Private Limited, a wholly-owned subsidiary of its sponsor, IRB Infrastructure Developers Limited. The Investment Manager of IRB InvIT Fund, IRB Infrastructure Private Limited, has received an invitation to offer for this acquisition, marking a significant corporate action that could expand the fund's infrastructure asset portfolio.

Key Details of the Proposed Acquisition

The Board of Directors of IRB Infrastructure Private Limited noted the receipt of the invitation to offer on November 20, 2025. Here are the essential details of the proposed acquisition:

Project Highlights

The VM7 Expressway project offers several attractive features:

• Revenue-generating operational asset
• Located in Gujarat, known for its well-developed infrastructure
• Part of the strategic Vadodara Mumbai corridor
• Annuity-based model providing stable cash flows from NHAI

Rationale for the Proposed Acquisition

The potential acquisition aligns with IRB InvIT Fund's strategy to acquire stable, revenue-generating assets. Key benefits include:

• Long-term visibility of cash flows through annuities from NHAI
• Potential to balance the overall risk profile of the fund's portfolio
• Expected enhancement of payout for unitholders
• Opportunity for the InvIT to leverage various funding options, including debt and retained internal accruals

Annuity Structure

The project's annuity structure provides a stable revenue stream:

• 60% of inflation-adjusted bid project cost spread over 15 years (30 bi-annual installments)
• Interest on outstanding annuities at RBI's bank rate plus 300 bps, paid with each installment
• Annual O&M payment of INR 81.00 million (adjusted for inflation), paid bi-annually

Current Status and Way Forward

It's important to note that the invitation to offer is preliminary and non-binding. The proposed acquisition is subject to various factors, including:

• Due diligence
• Entry into definitive agreements
• Obtaining necessary approvals from regulatory authorities and unitholders

The Investment Manager will evaluate the offer in accordance with applicable laws. However, there is no assurance that the transaction will be completed or the terms and timing of such a transaction.

As infrastructure investment opportunities continue to evolve in India, this potential acquisition represents IRB InvIT Fund's proactive approach to portfolio expansion and value creation for its unitholders. Investors and market watchers will be keenly observing the developments in this proposed corporate action.

IRB InvIT Fund , a prominent infrastructure investment trust, has announced a significant increase in its toll revenue for October 2025. The fund reported an 11% year-on-year growth compared to October 2024, showcasing strong performance across its portfolio of Special Purpose Vehicles (SPVs).

Revenue Breakdown by Project

The fund has provided a detailed breakdown of the toll revenue for each of its SPVs:

Key Highlights

• The total toll revenue increased from ₹845.00 million in October 2024 to ₹936.00 million in October 2025.
• IRB Pathankot Amritsar Toll Road Limited showed the most significant growth, more than doubling its revenue year-on-year.
• IRB Tumkur Chitradurga Tollway Limited remains the highest revenue generator among the SPVs.
• IRB Jaipur Deoli Tollway Limited was the only SPV to report a decrease in revenue.

Upcoming Financial Results

In addition to the toll revenue announcement, IRB InvIT Fund has scheduled its Q2 and H1 FY26 results announcement for November 13, 2025. The fund plans to conduct an earnings call on the same day at 4:30 pm IST to discuss the Trust's performance.

Board Meeting and Distribution Consideration

The Board of Directors of the Investment Manager of IRB InvIT Fund is set to meet on November 13, 2025, to consider and take on record the consolidated and standalone unaudited financial information for the quarter and half year ended September 30, 2025. The board will also consider the declaration of the 2nd distribution, if any, for the financial year 2025-26. If declared, the record date for this distribution will be November 18, 2025.

The strong growth in toll revenue suggests a positive trend for IRB InvIT Fund, potentially indicating improved traffic flow and operational efficiency across most of its projects. Investors and analysts will likely look forward to the upcoming financial results and any distribution announcements for a more comprehensive view of the fund's performance.