Cube Highways Trust has completed the conversion of a privately listed Infrastructure Investment Trust (InvIT) into a publicly listed InvIT, through an offer for sale aggregating approximately INR 5,000 crore. Cyril Amarchand Mangaldas acted as Indian legal counsel to Cube Highways Trust and its Investment Manager, Cube Highways Fund Advisors. The offer for sale was undertaken by BCI IRR India Holdings Inc., BCI IRR India Holdings Limited Partnership, Cube Highways and Infrastructure II, Cube Highways and Infrastructure III, Cube Mobility Investments and Seventy Second Investment Company LLC.
Shardul Amarchand Mangaldas & Co (SAM) acted as Indian legal counsel to the Cube Sponsor and the Sponsor Group, comprising Cube Highways and Infrastructure II, Cube Highways and Infrastructure III and Cube Mobility Investments, as well as the Mubadala Selling Unitholder, Seventy Second Investment Company LLC.
AZB & Partners advised the book-running lead managers including Kotak Mahindra Capital Company Limited, HDFC Bank Limited, HSBC Securities and Capital Markets (India) Private Limited and JM Financial Limited, on the conversion. Sidley Austin advised the same underwriters as international counsel.
The transaction represents India’s first successful conversion of a privately listed InvIT into a publicly listed InvIT, a milestone SAM described as significant for the evolution of India’s listed infrastructure investment market. Cube Highways Trust’s portfolio comprises 27 highway assets spanning 2,005 kilometres across 12 states and one union territory, and the trust has been listed on the exchanges since April 2023
CAM’s team advising the issuer is being led by senior partner Yash J. Ashar and partners Kranti Mohan and Priyadarshini Rao, with support from senior associate Subham Jain and associates Yash Bhale, Neha Jayesh, Nilay Raj and Aryan Pandey.
SAM’s transaction team is led by partner Nikhil Naredi, with support from senior associates Harini Jambunathan and Veronica Miranda, and associates Pritha Bhangale and Shariba Tasneem. Its general corporate team acting for the Cube Sponsor and Sponsor Group is led by partner Nivedita Tiwari, with support from principal associate Tweisha Mishra.
AZB & Partners’ transaction is led by partner Janhavi Seksaria, with support from senior associate Mrudul Desai and associates Ishika Neotia, Rachit Pathoi and Khushboo Jagasia.
Sidley Austin’s team was led by partner Manoj Bhargava, and included Rachna Talati, Dhanush Dinesh, Oindree Bandyopadhyay and Edward Lee (all Singapore), with support from Daniel O’Shea (New York) and Omar Shafi and Noel Li (both London).
