1. Public InvIT conversion - The ₹5,000 crore OFS listed July 31, 2026, oversubscribed 9.42 times, with 17,000+ unitholders and institutions at 40.7% of outstanding units. Access to mutual funds, insurers and pension funds lowers the cost of capital and funds the next acquisition phase.
2. Four Sponsor asset acquisitions - Committed purchase of BFHL, DTPL, WMTPL and CNTL at ₹7,290 crore enterprise value; two of four have all conditions precedents cleared, with unitholder approvals to be initiated by the end of August or first week of September. Adds three toll and one annuity asset to the portfolio, with debt headroom already available to fund the deal.
3. ROFO pipeline - three BOT-Toll assets - Right of first offer covers Kokhraj Handia Expressway Private Limited, Delhi Hapur Meerut Expressway Private Limited and Malayagiri Highways Private Limited from CH-V, identified as near-term opportunities. These are the sponsor's active growth vehicle, providing forward visibility of acquisitions beyond the four committed assets.
4. Third-party acquisition mandate - Unitholders are being asked to remove the approval requirement for new investments below 25% of InvIT assets, which would enable acquisitions from non-sponsor parties without a vote. Opens a deal pipeline beyond the sponsor's ROFO assets, with the resolution proposed and pending unitholder approval.
5. Debt refinancing and NCD issuances - Raised ₹1,972 crore in FY26 via AAA-rated NCDs, including a ₹637 crore 7.39% fixed-rate 11.8-year instrument in Q1 FY27. Cost of debt fell 66 bps YoY to 7.49% as of April 30, 2026, with fixed-rate borrowing at 25% - each further bps cut flows straight to distributable cash.
6. Annual Pass programme - NHAI's Annual Pass, live since August 15, 2025, reached \~32% adoption among private cars, with ₹108 crore compensation recognized as of June 30, 2026. Compensation is contractual and recurring, adding a stable revenue stream across 17 of 18 toll assets.
7. Major maintenance programme - NAMEPL and WUPTPL maintenance is 47% and 84% complete, both within budget with potential savings of ₹9 million and ₹57 million respectively. Completion on schedule removes the main cash-flow drag on these two assets, freeing funds for distribution.
8. Capital reduction for WUPTPL and MBEL - NCLT approved the scheme on July 29, 2026, to repatriate ₹19 crore of non-distributable cash from two debt-free SPVs. Unlocks trapped cash at the SPV level for distribution to unitholders once ROC filing completes.