The Board of Directors of IRB Infrastructure Developers at its meeting held 13 March 2024, has taken note of the proposed participation by Cintra InvIT Investments B.V. and Cintra IM Investment B.V. (collectively “Cintra”) in IRB Infrastructure Trust (Private InvIT), the privately placed infrastructure investment trust road platform sponsored by the Company with investment from GIC, through a secondary transfer of unitholding in the Private InvIT and shareholding in MMK Toll Road, the investment manager of the InvIT, to the extent of approximately 24% of the units of the Private InvIT and approximately 24% of the shares of the Investment Manager on the terms agreed between GIC and Cintra (Proposed Transaction).
In connection with the Proposed Transaction, the Board has approved amendments to the framework agreement and the shareholders agreement in relation to the Private InvIT and its Investment Manager, which will become effective upon the closing of the Proposed Transaction.
It is clarified that the Company will continue to act as the sponsor and the project manager to the Private InvIT and will continue to hold approximately 51% of the units in the Private InvIT and approximately 51% of the equity share capital of the Investment Manager.