IRB Infrastructure Trust makes non-binding offer to IRB InvIT Fund to transfer 5 toll assets
IRB Infrastructure Trust has made a non biding offer to IRB InvIT Fund to transfer five toll assets having an enterprise value of Rs 15,000 crore as of September 2024, according to an exchange filing on Thursday. In a statement, IRB said it plans to re-invest the proceeds raised from the deal in upcoming opportunities in the infrastructure sector.
IRB Infrastructure Trust is IRB Infrastructure and Developers' private InvIT (infrastructure investment trust) with 51 per cent stakeholding, while IRB InvIT Fund is a publicly listed InvIT platform in which the infrastructure player has a 15 per cent share.
«IRB Infrastructure Trust, an associate, has announced a non-binding offer to transfer five matured highway assets to the IRB InvIT Fund,» IRB Infrastructure Developers Ltd (IRB) said in a statement.
The proposed transfer is subject to execution of definitive documents and the receipt of necessary approvals, the company said.
IRB along with the associate operates 17 toll assets. In October, it posted a 21 per cent rise in toll revenue to Rs 539.6 crore against Rs 447.8 crore in the same month in 2023.
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