Cube Highways Trust has announced a significant organizational change with the appointment of a new Project Manager, following board approvals completed on February 27, 2026. The infrastructure investment trust communicated this development to stock exchanges as part of its regulatory compliance obligations.

Board Approvals and New Entity Formation

The Board of Directors of Cube Highways Fund Advisors Private Limited, acting as investment manager to the Trust, approved the incorporation of a wholly owned subsidiary during its meeting on February 13, 2026. The new entity, named 'Cube Highways Asset & Project Advisory Private Limited', was specifically created to assume project management responsibilities.

Subsequently, in a meeting held on February 27, 2026, the board formally approved the replacement of the existing Project Manager and the appointment of the new subsidiary to this role.

Project Manager Transition Details

Regulatory Requirements and Approvals

The change in Project Manager is subject to several regulatory and contractual conditions that must be fulfilled before implementation. Key requirements include:

• Approval from National Highways Authority of India (NHAI)
• Completion of applicable regulatory formalities
• Execution of new project implementation and management agreement (Fresh PIMA)
• Consultation with Axis Trustee Services Limited as the Trust's trustee

The transition will become effective only upon execution of the Fresh PIMA, contingent on receiving all necessary approvals.

Compliance Framework

The announcement was made pursuant to Regulation 23 of the SEBI Infrastructure Investment Trusts Regulations, 2014, along with other applicable provisions including Regulations 4, 7(b), and 11. The Trust also referenced SEBI Circular No. SEBI/HO/DDHS-PoD-2/P/CIR/2025/102 dated July 11, 2025, as part of its compliance framework.

The communication was signed by Richa Gupta Rohatgi, Company Secretary and Compliance Officer, and copied to both Axis Trustee Services Limited as the InvIT trustee and Catalyst Trusteeship Limited as the debt security trustee.

Cube Highways Trust has received rating reaffirmations from CRISIL Ratings across its debt portfolio, with the rating agency maintaining its AAA/Stable outlook on the infrastructure investment trust's financial instruments. The comprehensive rating review covers bank facilities totaling Rs 13,850 crore and various debt instruments, reinforcing the trust's strong credit profile in the infrastructure financing sector.

Rating Reaffirmations Overview

CRISIL Ratings has reaffirmed multiple ratings for Cube Highways Trust across different financial instruments. The rating actions were communicated via email dated February 10, 2026, covering the trust's entire debt portfolio.

Bank Facility Details

The Rs 13,850 crore bank loan facilities comprise various instruments across multiple leading financial institutions. The facilities include rupee term loans from major banks and proposed long-term bank loan facilities.

Credit Rating Significance

The AAA/Stable rating represents the highest degree of safety regarding timely servicing of financial obligations, with securities carrying the lowest credit risk. The A1+ rating on short-term instruments indicates very strong degree of safety regarding timely payment of financial obligations.

Regulatory Compliance

The rating reaffirmation was communicated to stock exchanges in compliance with Regulation 23 of SEBI (Infrastructure Investment Trusts) Regulations, 2014, and Regulation 51 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The communication was signed by Richa Gupta Rohatgi, Company Secretary and Compliance Officer of Cube Highways Fund Advisors Private Limited, acting as Investment Manager to Cube Highways Trust.