Highways Infrastructure Trust managed by Galaxy Investments II Pte. Ltd. Master Securities Purchase Agreement to acquire 12 Road Projects from PNC Infratech Limited (NSEI:PNCINFRA) and Pnc Infra Holdings Limited for an enterprise value of INR 90.57 billion on January 15, 2024. The Enterprise Value of the Transaction is INR 90.057 billion together with the earn outs and is subject to any adjustments as stipulated in the definitive agreements translating to an equity value of INR 29.02 billion (including cash) on invested equity of INR 17.4 billion. The transaction is subject to certain regulatory and other customary conditions standard to a transaction of this nature. Completion of the sale depends on and is expected after the satisfaction of the conditions precedents set out in the Master Securities Purchase Agreement dated 15 January, 2024 which includes third party approvals and regulatory approval s as well as the fulfillment of certain contractual covenants. The Board of Directors of the PNC Infratech Limited in its meeting held on January 15,2024 has approved the Company entering into a Master Securities Purchase Agreement with Highway Infrastructure Trust.

Ernst & Young Corporate Finance Pte Ltd. acted as financial advisor and Neeraj Menon, Amar Narula, Sneha Vardhan, Apeksha Mattoo, Nisha Kaur Uberoi, Rudresh Singh, Swathy S. Pisharody, Divye Sharma, Shubhaang Sinha, Naman Mittal, Nishant Pratyush, Raisa Pinto and Anand Sree of Trilegal acted as legal advisor to Highways Infrastructure Trust. KPMG India Services LLP acted as exclusive financial advisor and Kushal Sinha, and Dhrupad Pant of Shardul Amarchand Mangaldas & Co acted as the legal advisor to sellers.