PNC Infratech Completes Sale of Final Asset in Portfolio
PNC Infratech Limited, along with its wholly-owned subsidiary PNC Infra Holdings Limited, completed the transfer of its entire stake in PNC Challakere (Karnataka) Highways Private Limited to Vertis Infrastructure Trust (VIT) on March 27, 2026. This transaction marks the completion of the transfer of all twelve identified Special Purpose Vehicles (SPVs) initiated following a Share Purchase Agreement (SPA) dated January 15, 2024.VIT, formerly known as Highways Infrastructure Trust, received the SPV to facilitate the progression of the concession agreement.
The transaction was concluded at an Enterprise Value of Rs. 683.84 crore, which includes Rs. 80.48 crore received towards Equity and Rs. 13494 crore received towards Unsecured Loans on March 27, 2026.
According to financial statements for the year ended March 31, 2025, PNC Challakere (Karnataka) Highways Private Limited contributed revenues of Rs. 16402.72 crore, representing 1.30% of the Company's consolidated revenue, and net worth of Rs. 7803.22 crore, accounting for 2.42% of the consolidated net worth.
The buyer, Vertis Infrastructure Trust (VIT), is an Infrastructure Investment Trust registered with SEBI and does not belong to the promoter, promoter group, or group companies. The transaction was approved by shareholders on September 28, 2024, through a Special Resolution.
| Description | Particulars/Details |
|---|---|
| Date of agreement for sale | January 15, 2024 |
| Completion date of sale/disposal | March 27, 2026 |
| Consideration received | Rs. 683.84 crore (includes Rs. 80.48 crore Equity and Rs 13494 crore Unsecured Loans) |
| Buyer Details | Vertis Infrastructure Trust (VIT) |
| Related Party Transaction? | No |
| Scheme of Arrangement? | Yes, approved by shareholders |
Tapan Jain, Company Secretary & Compliance Officer, confirmed the completion of the transaction.
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