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S&R Associates represented IRB InvIT Fund in the approximately INR 27.44 billion acquisition of Solapur Yedeshi Tollway Limited and CG Tollway Limited from IRB Infrastructure Trust.
S&R also advised on an INR 3.51 billion preferential allotment of units by the Trust to IRB Infrastructure Developers Limited, its sponsor.
The transaction involved an offer for sale of approximately INR 5,000 crore, undertaken by BCI IRR India Holdings Inc., BCI IRR India Holdings Limited Partnership, Cube Highways and Infrastructure II Pte. Ltd., Cube Highways and Infrastructure III Pte. Ltd., Cube Mobility Investments Pte. Ltd. and Seventy Second Investment Company LLC.
The transaction marks the first successful conversion of a privately listed InvIT into a publicly listed InvIT in India, representing a significant milestone in the evolution of India’s listed infrastructure investment market. Continuing its streak, SAM has acted on every public offering by an InvIT/REIT this calendar year.
The transaction involved the transfer of 100% shareholding through share purchase agreements, marking a key infrastructure asset monetisation deal.
The Union Cabinet, has given its approval to the proposal of the Ministry of Road Transport and Highways, authorizing the National Highways