IRB InvIT Fund has announced the acquisition of 100% equity shares of Solapur Yedeshi Tollway Limited (SYTL) and CG Tollway Limited (CGTL) from IRB Infrastructure Trust. The transaction, valued at ₹2,744 crore, aims to expand the fund's portfolio and enhance revenue stability as per the exchange filings.
The acquisition involves the purchase of 100% equity shares of SYTL and CGTL, currently held by the Private InvIT and its nominee shareholders.
The Public InvIT will also provide shareholder loans to the Target SPVs to repay subordinated debt and unsecured loans provided by the Private InvIT.
The parties have agreed to a purchase consideration based on an aggregate equity value of ₹2,744 crore for both the Target SPVs as of September 30, 2026 (Valuation Date). If the closing is delayed beyond September 30, 2026, this value will increase in the manner agreed between the parties.
The final consideration will be subject to pre-closing/closing and post-closing adjustments, which will be set out in the definitive documents. After considering the existing external gross debt of ₹591 crore for SYTL and ₹1,270 crore for CGTL, the aggregate enterprise value of both the Target SPVs stands at ₹4,605 crore as of September 30, 2026.
IRB Infrastructure Developers Limited will act as the Project Manager for the Target SPVs, undertaking operation and maintenance works for approximately ₹2,663 crore over the concession period.
Additionally, the fund plans to raise up to ₹3,000 crore through institutional placement, public offer, or rights issue, subject to necessary approvals.
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The acquisition is subject to regulatory approvals, unitholder consent, and other conditions precedent. The indicative completion date is September 30, 2026, with a long stop date of December 31, 2026, or an extended date as mutually agreed.
SYTL, incorporated on January 10, 2014, focuses on the four-laning of the Solapur to Yedeshi section of NH-211 in Maharashtra. CGTL, incorporated on October 18, 2016, is involved in the six-laning of the Kishangarh Udaipur Ahmedabad section of NH-79 in Rajasthan. The combined turnover of SYTL and CGTL for the financial year 2025-2026 was ₹306.59 crore.
As of July 02, 2026, at 3:30 PM, IRB InvIT Fund share price on NSE was closed at ₹60.64, up by 0.25% from the previous closing price.
The acquisition of SYTL and CGTL by IRB InvIT Fund for ₹2,744 crore aims to enhance portfolio size and revenue stability. The transaction involves 100% equity acquisition, shareholder loans, and a project implementation agreement valued at ₹2,663 crore.
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Published on: Jul 2, 2026, 5:28 PM IST
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