IRB InvIT Fund has received approval for acquisition of VK1 Expressway (VK1) through the acquisition of 100% of the equity share capital of VK1 by the Trust from IRB Infrastructure Developers (i.e., the Sponsor and the Project Manager of the Trust) and the provision of a shareholder loan to VK1, the proceeds of which shall be utilized by VK1 for the repayment, in full, of the shareholder loan provided to VK1 by the Sponsor, for an aggregate purchase consideration of Rs 342 crore, arrived at pursuant to negotiations between the parties, subject to receipt of applicable regulatory and third party approvals, the approval of the Unitholders and other conditions precedent.
The proposed acquisition is in accordance with the investment strategy and objectives of the trust of growing the portfolio size.
IRB InvIT Fund is an India-based infrastructure investment trust.
