Cube Highways Trust has signed a right of first offer to acquire three assets from its sponsor company, Cube Highways and Infrastructure V Pte. Ltd, a senior official told Infralogic today.

The assets were awarded in 2023 in the 11^th and 14^th rounds of a series of toll, operate, transfer (TOT) auctions by the National Highways Authority of India (NHAI), Cube Highways Trust CEO Vinay Sekar said. A valuation is yet to be determined for the transfer of the assets into the trust, he said, adding that the trust has adequate “headroom to raise debt” for the proposed acquisition.

The trust, which today announced details of its listing plans, has a net debt to assets under management ratio of 46.82%, according to an investor presentation. The market regulator, Securities and Exchange Board of India, allows up to 70%.

The trust intends to raise INR 50bn (USD 520m) of which it has secured INR 12.5bn from investors, with Bangalore-based Premji Invest committing INR 9.5bn, according to a filing.

The offering comprises an offer for sale of units by existing unitholders, including entities linked to Cube Highways, British Columbia Investment Management Corporation, and Abu Dhabi Investment Authority.

The issue will open for bidding on 22 July and will close on 24 July. Bids for anchor investments will take place a working day before the offer opens.

As of 31 March, the trust’s portfolio comprised 27 assets spanning 8,754 lane km across 12 states and one union territory.

The portfolio had an aggregate enterprise value of about INR 368.4bn and a weighted average residual concession life of 18 years as of March 2026. Toll assets accounted for around 85% of assets under management, with annuity projects making up the remaining 15%.

The merchant bankers to the public offering are Kotak Mahindra Capital, HDFC Bank, HSBC Securities and Capital Markets (India), and JM Financial.