Price band of ₹ 99 – ₹ 100 per Unit
Bid/Issue Opening Date –April 17, 2026 and Bid/Issue Closing Date – April 21, 2026.
Minimum Bid Lot is 150 Units and in multiples of 150 Units thereafter
Mumbai, April 13, 2026: Citius TransNet Investment Trust has fixed the price band of ₹ 99 – ₹ 100 per Unit for its Issue. The Issue of the Trust will open on April 17, 2026 for subscription and close on April 21, 2026.
The Gross Proceeds of the Issue are estimated to be ₹ 11,050.00 million. Out of the Net Proceeds from the Issue, up to ₹ 10,000.00 million is proposed to be utilized for partial or full acquisition (or as applicable, redemption) of securities of SRPL Roads Private Limited and certain identified project SPVs namely, Thrissur Expressway Limited, Jorabat Shillong Expressway Limited, Dhola Infra Projects Private Limited and Dibang Infra Projects Private Limited, and the balance for general purposes.
Citius TransNet Investment Trust (“Trust”), is a transport sector-focused infrastructure investment trust (“InvIT”), established with an objective to acquire, manage and invest in a portfolio of transport infrastructure assets, including roads, in India. It was settled by way of the Trust Deed, by the Sponsor, and registered as an InvIT with SEBI on August 1, 2025, in accordance with the provisions of the InvIT Regulations.
The sponsor of the Trust is Epic TransNet Infrastructure Private Limited (formerly known as Watrak Infrastructure Private Limited) ( “Sponsor”). The Sponsor is wholly-owned by the schemes of Infrastructure Yield Trust (that is, Infrastructure Yield Plus II, Infrastructure Yield Plus IIA and India Infrastructure Yield Plus II), an alternate investment fund managed by EAAA India Alternatives Limited (“EAAA”).
Our sponsor group comprises the Sponsor, Infrastructure Yield Trust (through its schemes Infrastructure Yield Plus II, Infrastructure Yield Plus IIA and India Infrastructure Yield Plus II), Epic Transnet Project Management Private Limited (formerly known as Chennai-Tada Tollway Private Limited) (“Project Manager”), and Neelambur Madukkarai Tollway Private Limited.
The investment manager of the Trust is EAAA TransInfra Managers Limited (“Investment Manager”). The Investment Manager is a wholly-owned subsidiary of EAAA.
The Trust’s revenue from operations increased to ₹ 19,870.46 million during the Financial Year 2025 from ₹ 17,735.16 million during the Financial Year 2023. Its net cash flow from operating activities increased to ₹ 10,449.52 million during the Financial Year 2025 from ₹ 9,079.25 million during the Financial Year 2023. The Trust’s revenue from operations was ₹ 14,963.64 million and the net cash flow from operating activities was ₹ 7,820.15 million for the nine months ended December 31, 2025. Furthermore, the adjusted enterprise value of the Project SPVs is approximately ₹ 120,588 million as on December 31, 2025.
Subject to completion of the formation transactions, its initial portfolio of road assets will comprise 10 toll and annuity projects, together with the relevant project special purpose vehicles ( “Project SPVs”) through which they are held, and Epic Concesiones 3 Private Limited and SRPL, the holding companies of all Project SPVs (the “HoldCos”, and together with Project SPVs, “Initial Portfolio Assets”), except for one Project SPV, Thrissur Expressway Limited, which will be held directly by the Trust. The Initial Portfolio Assets comprise a total of 3,406.71 lane-kms (seven toll assets spanning more than 3,043.22 lane-kms, and three annuity assets spanning more than 363.49 lane-kms) across nine different Indian states as of the date of the Offer Document.
The Trust has a large and well-dispersed portfolio of Project SPVs with toll and annuity assets contributing 82.30% and 17.70% towards its total cash revenue receipts for the Financial Year 2025, respectively, with a long operating history (10.13 years for the toll assets), and residual concession life (weighted average residual life by enterprise value weight of 12.93 years for toll assets) as of December 31, 2025, and proven track record of traffic growth (AUM weighted annual average daily traffic PCU growth of 7.10%, excluding Panipat Elevated Corridor Private Limited on account of its short residual life) between the Financial Year 2023 and 2025 –as per the CRISIL Report. The Trust believes that the Project SPVs have a strong operational history as four of its toll assets have a tolling history of more than 12 years and two of its other toll assets have been collecting toll for over 5 years.
The Trust will have assets which are strategically located across geographically diverse clusters (across 9 different states, situated near major economic corridors (mining, ports, industrial belt), handling diverse industry and commodity mix, with 63.17% of toll collection is from the assets located in the top 5 GST ranked states as well as from the top 5 per capita NSDP states as per the CRISIL Report. Further, freight vehicles contribute nearly 74% of the toll collection as per the Traffic Reports.
The Trust has a strategic expansion strategy over the next few years. The Trust has entered into right of first offer agreement (“ROFO Agreement”) for acquisition of 11 NHAI hybrid annuity model (“HAM”) assets, held or to be acquired by the EAAA platform, In the event that all 11 Identified ROFO Assets are successfully acquired by us in terms of the ROFO Agreement, our total portfolio shall comprise of 21 roads assets representing approximately 5,773 lane-kms across 12 different states.
Further, out of the 11 HAM assets, 10 have either received the provisional commercial operations or the commercial operations date as on the date of the Offer Document. For the Financial Year 2025, the 10 operational Identified ROFO Assets generated an annuity and interest on unpaid annuity of ₹ 8,900.00 million.
For the Financial Year 2025, the toll collection(net of revenue share) and the HAM (including all operational ROFO Assets under the HAM framework but excluding the operation and maintenance component of the payments under the respective contracts) and annuity receipts without GST would constitute 56.05% and 43.95% respectively of the combined cash revenue receipts of the Initial Portfolio Assets and all 10 operational Identified ROFO Assets as per the CRISIL Report.
- G. Moin