Rs 33,600 crore order book: IRB Infrastructure Trust Executes Share Purchase Agreement to Transfer Three Project SPVs to IRB InvIT Fund
DSIJ Intelligence-1 / 03 Oct 2025/ Categories: Mindshare, Trending
The stock is up by 3 per cent from its 52-week low of Rs 40.54 per share and has given multibagger returns of 270 per cent in 5 years.
IRB Infrastructure Trust (Private InvIT) has executed a Share Purchase Agreement (SPA) on October 2, 2025, along with ancillary agreements, to transfer 100 per cent of the equity share capital of three special purpose vehicles (SPVs)—IRB Hapur Moradabad Tollway Limited, Kaithal Tollway Limited, and Kishangarh Gulabpura Tollway Limited (collectively, Project SPVs) - to IRB InvIT Fund (Public InvIT). This action follows earlier disclosures and the approval granted by the Private InvIT's unitholders on June 17, 2025. The transaction also includes the repayment of subordinated debt/shareholders' loan provided by the Private InvIT to the Project SPVs and is subject to necessary approvals. The combined contribution of these Project SPVs was approximately Rs 469 Crore (8.80 per cent) to the Private InvIT's consolidated turnover for the financial year 2024-25.
The transfer is expected to be completed on or prior to October 31, 2025, or a mutually agreed-upon later date. The parties have agreed to an equity value of Rs 4,905 crore for the Project SPVs' assets, resulting in a minimum enterprise value of Rs 8,436 crore, with the consideration to be received in cash. Given that IRB Infrastructure Developers Limited is the Sponsor for both the Private InvIT and the Public InvIT, the transaction is categorised as a related-party transaction. However, the Trust affirms that the transaction is being conducted at length. This transfer involves significant road projects, including the six-laning of the Hapur bypass to Moradabad section of NH-9, the four-laning of the Kaithal to Rajasthan Border section, and the six-laning of the Kishangarh to Gulabpura section.
About IRB Infrastructure Developers Ltd
IRB Infrastructure Developers Limited, established as India's first integrated multi-national transport infrastructure developer in the roads and highways sector, holds multiple ISO certifications. These include ISO 9001 for Quality, ISO 14001 for Environment Management, ISO 45001 for Occupational Health and Safety, and ISO 27001 for IT Security, all granted by ISOQAR, United Kingdom. As of March 31, 2025, IRB stands as the largest integrated private toll roads and highways infrastructure developer in India based on lane kilometres, boasting an approximate asset base of Rs 80,000 crore. Its operations span across 12 Indian states, facilitated through both the company itself and two InvITs.
With over 25 years of experience in India, IRB has a proven track record of constructing, tolling, operating, and maintaining approximately 19,000 lane kilometres nationwide as of March 31, 2025, with about 15,500 lane kilometres currently under its management. The IRB group held a market share of around 33 per cent in the awarded toll-operated transfer (TOT) space as of March 31, 2025. Furthermore, it contributes approximately 14 per cent to the Golden Quadrilateral Highway Project and 12 per cent to India’s north-south highway connectivity, as of March 31, 2025. The group has successfully completed 13 concessions, transferring them to the relevant nodal agencies. Its current portfolio encompasses 26 road projects, consisting of 18 build-operate-transfer (BOT) projects, 4 TOT projects, and 4 hybrid annuity model (HAM) projects.
The company has a market cap of over Rs 25,000 crore. As of June 2025, LIC owns a 4.10 per cent stake in the company and has an Order Book worth Rs 33,600 crore as of July 04, 2025. The stock is up by 3 per cent from its 52-week low of Rs 40.54 per share and has given multibagger returns of 270 per cent in 5 years.
Disclaimer: The article is for informational purposes only and not investment advice.