BSEGeneral14 Sept 2026 · 14 Sept 2026, 09:18 pm
Cube Highways Trust has informed the Exchange regarding Disclosure of material issue
Cube Highways Trust · 543899
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Cube Highways Trust has informed the Exchange regarding Disclosure of material issue, specifically the execution of a Binding Offer to acquire 100% of the equity share capital of two SPVs, Apco Chetak Ultraway Private Limited and Apco Chetak Expressway Private Limited, from Apco Infratech Private Limited and Chetak Enterprises Limited.
Analysis Scores
Earnings Impact6/10
Growth Catalyst8/10
Governance Concern2/10
Regulatory Risk4/10
Balance Sheet Risk3/10
Liquidity Impact7/10
Market Sentiment5/10
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Full Announcement
Cube Highways Trust - 543899 - Reg 23(5)(i): Disclosure of material issue
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September 14, 2026
Listing Department Listing Department
BSE Limited National Stock Exchange of India Limited
20th Floor, P. J. Towers Exchange Plaza, C-1, Block-G
Dalal Street, Mumbai – 400 001 Bandra-Kurla Complex, Bandra (E)
Units: Mumbai - 400 051
Scrip Code: 543899 ISIN: INE0NR623014 Symbol: CUBEINVIT
Non-convertible debentures:
Scrip Code: 974936 ISIN: INE0NR607017
Scrip Code: 976397 ISIN: INE0NR607033
Scrip Code: 976434 ISIN: INE0NR607041
Scrip Code: 976636 ISIN: INE0NR607058
Scrip Code: 976637 ISIN: INE0NR607066
Scrip Code: 977036 ISIN: INE0NR607074
Scrip Code: 977037 ISIN: INE0NR607082
Scrip Code: 977917 ISIN: INE0NR607090
Subject: Intimation regarding execution of Binding Offer
Dear Sir/Madam,
Pursuant to the provisions of Regulation 23(6) of the Securities and Exchange Board of India (Infrastructure
Investment Trusts) Regulations, 2014, as amended, read with the SEBI Master Circular No.
SEBI/HO/DDHS-PoD-2/P/CIR/2025/102 dated July 11, 2025, as amended and other applicable laws and
regulations, if any, this is to inform you that today, i.e., September 14, 2026, the Investment Manager (acting
on behalf of Cube Highways Trust) (the “Trust”), has entered into a Binding Offer with M/s Apco Infratech
Private Limited (“Apco”) and M/s Chetak Enterprises Limited (“Chetak”), (Apco and Chetak, each a “Seller”
and collectively, the “Sellers”), and M/s Apco Chetak Ultraway Private Limited and M/s Apco Chetak
Expressway Private Limited (collectively, the “SPVs”), to acquire 100% of the equity share capital of the
SPVs on certain terms and conditions.
The details of the SPVs are enclosed as Annexure A.
We kindly request you to take the same on record.
For Cube Highways Fund Advisors Private Limited
(acting in its capacity as Investment Manager to Cube Highways Trust)
Richa Gupta Rohatgi
Company Secretary and Compliance Officer
Copy to:
Trustee to the InvIT Debt Security Trustee
Axis Trustee Services Limited Catalyst Trusteeship Limited
Axis House, P B Marg, Worli, 901, 9th Floor, Tower-B Peninsula
Mumbai, Maharashtra, India, 400025 Business Park, Senapati Bapat Marg
Lower Parel(W), Mumbai, Maharashtra- 400013
CUBE HIGHWAYS FUND ADVISORS PRIVATE LIMITED
CIN: U74999DL2021FTC379941
Regd. Office: B-376, UGF, Nirman Vihar, New Delhi - 110092
Corporate Office: Unit No. 1901, 19th Floor, Tower-B, World Trade Tower, Plot No. C-1, Sector-16, Noida, U.P-201301
E-mail: - compliance.officer@cubeinvit.com, Phone: +91-120-4868300
Annexure-A
Details of Assets proposed to be acquired
Name of the target entities and brief 1. M/s Apco Chetak Ultraway Private Limited (“ACUPL”);
details and
2. M/s Apco Chetak Expressway Private Limited
(“ACEPL”)
Industry to which the entity proposed to The entities belong to the (Road) Infrastructure Industry.
be acquired belongs
State in which these assets are located 1. ACUPL – Uttar Pradesh
2. ACEPL – Uttar Pradesh
Whether the acquisition would fall No
within related party transaction(s) and
whether the promoter/ promoter group/
group companies have any interest in
the entity being acquired
Percentage of shareholding/control 100%
proposed to be acquired
Object and impact of the proposed The proposed acquisition is expected to strengthen Cube
acquisition InvIT’s revenue base and further enhance the yield and Net
Asset Value (NAV).
Consideration - whether cash Cash
consideration or share swap or any
other form and details of the same
Cost of acquisition or the price at which The total consideration contemplated under the Binding
the shares are acquired Offer is subject to adjustments in accordance with the terms
of the Binding Offer and the definitive agreements. The final
consideration shall be disclosed upon execution of the
definitive agreements.
Indicative time period for completion of The proposed acquisition is expected to be completed
the acquisition subject to the satisfaction of applicable conditions precedent
and closing conditions, including receipt of statutory
clearances and other applicable approvals/consents, as
agreed upon in the definitive agreements.
Portfolio size post finalization of the Cube InvIT will have a portfolio comprising 29 SPVs
current pipeline located across India.
Any governmental or regulatory The proposed acquisition shall be subject to the receipt of
approvals required for the acquisition requisite approvals from the National Highways Authority of
India (“NHAI”), the Income Tax Authorities, and such other
governmental or regulatory authorities as may be required
under applicable law.
Brief background about the entities Asset Length Remaining Date of Country
proposed to be acquired in terms of (Km) concession Incorporation
products/line of business acquired, date life
of incorporation, country in which the ACUPL 8.360 ~9.5 years 07 April 2017 India
acquired entities has presence and any to
other significant information (in brief) 27.740
ACEPL 27.740 ~8 years 01 February
to 2016
49.346
CUBE HIGHWAYS FUND ADVISORS PRIVATE LIMITED
CIN: U74999DL2021FTC379941
Regd. Office: B-376, UGF, Nirman Vihar, New Delhi - 110092
Corporate Office: Unit No. 1901, 19th Floor, Tower-B, World Trade Tower, Plot No. C-1, Sector-16, Noida, U.P-201301
E-mail: - compliance.officer@cubeinvit.com, Phone: +91-120-4868300