Maple Infrastructure Trust Raises INR 17,560 Crore Through Preferential Allotment

Maple Infrastructure Trust , a prominent infrastructure investment entity, has successfully completed a significant preferential allotment, raising INR 17,559.83 crore (approximately $2.1 billion) through the issuance of new units. This move marks a substantial capital infusion for the trust, potentially bolstering its investment capabilities in the infrastructure sector.

Key Details of the Allotment

Total Units Allotted: 120,603,200
Issue Price: INR 145.6 per unit
Total Amount Raised: INR 17,559,825,920

Allotment Breakdown

The preferential issue saw participation from various investors, including alternative investment funds and domestic body corporates. Here's a breakdown of the major allottees:

Allottee	Category	Units Allotted	Amount (INR)
Maple Highways Pte. Ltd.	Sponsor [Corporate - Foreign Body]	90,452,400	13,169,869,440
360 One Real Assets Advantage Fund	Non-Sponsor [Alternative Investment Fund]	15,024,000	2,187,494,400
Various 360 One Large Value Funds	Non-Sponsor [Alternative Investment Funds]	3,262,300	474,990,880
Multiple Domestic Body Corporates	Non-Sponsor [Body Corporate - Domestic]	7,867,200	1,145,463,520
Other Investors (including LLPs and Trusts)	Non-Sponsor [Various]	3,997,300	582,007,680

Implications and Regulatory Compliance

Pari Passu Ranking: The newly issued units will rank equally with existing units in all respects, including distribution entitlements and voting rights.
Lock-in Period: As per SEBI InvIT Regulations and the SEBI Master Circular, the allotted units will be subject to a mandatory lock-in period.
Listing: The new units are set to be listed on the BSE Limited stock exchange, enhancing liquidity for unitholders.
Regulatory Approval: This allotment follows the approval granted by unitholders on November 12, 2025, and complies with the applicable provisions of SEBI (Infrastructure Investment Trusts) Regulations, 2014.

Market Impact

The successful completion of this preferential allotment demonstrates strong investor confidence in Maple Infrastructure Trust. The significant capital raise could potentially enable the trust to pursue new investment opportunities or strengthen its existing infrastructure portfolio.

Investors and market watchers will likely keep a close eye on how Maple Infrastructure Trust deploys this fresh capital, as it could have implications for the infrastructure sector and the trust's future performance.

As the infrastructure sector continues to be a key focus area for economic growth, such large-scale investments in infrastructure trusts may signal positive momentum for the sector as a whole.

Maple Infrastructure Trust , formerly known as Indian Highway Concessions Trust, has reported mixed financial results for the quarter and half-year ended September 30, 2025, while approving a distribution to unitholders.

Financial Highlights

For the half-year ended September 30, 2025:

Revenue from operations reached Rs. 4,371.98 crore, up from Rs. 3,731.80 crore in the same period last year
EBITDA margin improved to 67.66% from 65.41% year-over-year
Net loss narrowed to Rs. 344.63 crore compared to a loss of Rs. 826.59 crore in H1 FY2025
Cash flow from operating activities increased to Rs. 2,969.49 crore from Rs. 2,540.12 crore

Distribution Approved

The Board of Directors approved a distribution of Rs. 3.27 per unit, aggregating Rs. 1,150.45 crore for the half-year period. This distribution is to be paid within 5 days from the record date.

Operational Update

The trust operates toll road assets through its subsidiaries NCR Eastern Peripheral Expressway Private Limited (NCREPE) and Shree Jagannath Expressways Private Limited (SJEPL).

SJEPL continues to face challenges related to project completion delays and pending negotiations with NHAI regarding completion certificates. The company was granted a Provisional Completion Certificate for 56.88 km of the total 67 km project highway, with the final completion certificate still awaited for the remaining distance.

Impact of New NHAI Policy

The National Highways Authority of India (NHAI) introduced a Concessional Annual Pass for private vehicles effective August 15, 2025. This pass, priced at Rs. 3,000 per annum, allows toll-free crossings for one year or 200 trips, whichever occurs earlier. As a result, the trust's revenue for Q2 and H1 FY2026 includes Rs. 49.80 crore in compensation receivable from NHAI for revenue loss arising from this new policy.

Borrowings and Asset Value

As of September 30, 2025:

Metric	Value
Total borrowings	Rs. 46,324.09 crore
Cash and cash equivalents	Rs. 7,493.43 crore
Net borrowings ratio	40.04%
Enterprise value of InvIT assets	Rs. 96,986.50 crore

Maple Infrastructure Trust maintains investments and loans totaling over Rs. 31,000 crore in its subsidiaries.

The trust faces ongoing challenges but has shown some improvement in its financial performance. Investors may want to monitor the progress of negotiations with NHAI and the potential impact of policy changes on future toll revenues.