Maple Infrastructure Trust: FY26 vote clears manager control

What Maple Infrastructure Trust disclosed

Maple Infrastructure Trust (MIT) has reported that its unitholders approved a resolution related to a change in control of the trust’s Investment Manager. The approval came through a postal ballot process, where remote e-voting closed on March 29, 2026. The trust’s disclosure positions the vote as a key governance step linked to a transaction involving the Investment Manager’s shareholding.

The filing also provides granular voting data, including the number of eligible unitholders, participation, and the final vote outcome. MIT has tied this governance event to subsequent disclosures around unitholding patterns and broader changes involving MAIF 4 Investments India 2 Pte. Ltd. (MAIF 4).

Postal ballot: timeline, participation, and outcome

MIT said the ballot notice was issued on February 26, 2026, and that date also served as the cut-off date for determining eligible unitholders. The e-voting window was scheduled from February 28 to March 29, 2026, and it closed on March 29.

As per the disclosure, 20 out of 56 eligible unitholders participated in the remote e-voting process. MIT also stated that 85,078,513 votes were cast and that the votes were cast entirely in favour of the resolution. The trust further noted that the participating unitholders included 18 public unitholders.

The postal ballot was conducted in the context of regulatory requirements. MIT indicated that such a change in control requires an approval threshold under SEBI regulations, and the trust sought unitholder consent accordingly.

What triggered the control-change vote

The unitholder vote was linked to a transaction in which MAIF 4 acquired a 42.50% stake in the Investment Manager from Maple Highways Pte. Ltd. Specifically, the disclosure refers to MAIF 4 acquiring 63,504,799 equity shares constituting 42.50% of the Investment Manager’s equity share capital.

MIT cited that the acquisition is pursuant to a share purchase agreement dated December 24, 2025. Following this transaction, MIT said the Investment Manager would cease to be a subsidiary of Maple Highways Pte. Ltd. This change in relationship is central to why the trust sought unitholder approval.

Separately, MIT also reported major shareholding changes involving MAIF 4’s acquisition of a 42.50% stake in the Investment Manager for INR 1,600 million, and a 40% stake in the Project Manager for INR 180 million.

Board and key management: what the FY26 governance filing shows

MIT also disclosed corporate governance information for the quarter and financial year ended March 31, 2026. It stated that the board includes eight members, and it identified the Chairman as Mr. Louis-Marie St-Maurice.

The trust’s disclosed board includes the following directors: Louis St. Maurice (Chairman), Seema Gupta, Shalini Kalsi Kamath, Anil Chaudhry, Niraj Kumar Murarka, Chirdeep Singh Bagga, Vankipuram Srinivasa Parthasarathy, and Akshay Jaitly. The filing also includes ages for certain directors, including the Chairman (68), Shalini Kalsi Kamath (61), Anil Chaudhry (65), and V S Parthasarathy (63).

On the management side, MIT’s disclosure lists Anup Vikal as Chief Executive Officer (since September 8, 2022), Vikas Prakash as Compliance Officer (since December 1, 2024), Abhishek Arora as Chief Investment Officer (since May 1, 2025), and Deepika Periwal as Director of Finance/CFO (since February 23, 2026).

CFO change and other personnel movements

MIT disclosed that Ms. Deepika Periwal was appointed as Chief Financial Officer and Key Managerial Personnel, effective February 23, 2026. The trust stated this appointment was based on recommendations from the Nomination and Remuneration Committee and the Audit Committee.

MIT also reported that Chief Financial Officer Mr. Varun Mehta resigned effective December 12, 2025, and that the board of directors of the Investment Manager acknowledged the resignation during a meeting held on December 10, 2025.

These filings place the CFO transition alongside the Investment Manager control-change process, both of which were referenced in MIT’s set of governance-related disclosures for FY26.

Unitholding pattern as of March 31, 2026

MIT submitted its unitholding pattern for the quarter ended March 31, 2026, and reported a stable ownership split. According to the filing, the Sponsor Group held 75.00% of the units, and public unitholders held 25.00%.

MIT reported total outstanding units of 472,773,200 as of March 31, 2026. The Sponsor Group held 354,579,900 units (75.00%), while public unitholders held 118,193,300 units (25.00%). MIT explicitly linked this ownership filing to the earlier governance event where unitholders approved the Investment Manager control change.

EGM on June 15, 2026 for MAIF 4’s proposed unit acquisition

In another development, MIT said it will hold an extraordinary general meeting (EGM) on June 15, 2026 via video-conferencing to consider MAIF 4’s plan to acquire more than 25% of MIT’s outstanding units. MIT stated that the proposal follows a unit purchase agreement for the sale of 37.5% of the trust’s unitholding by CDPQ Infrastructures Asia III Inc. to MAIF 4.

MIT also disclosed that unitholders can vote remotely from June 11 to June 15, 2026. The proposed unit acquisition is separate from the Investment Manager stake purchase, but it reflects a broader set of ownership and governance changes around MIT.

Distribution and board actions noted in filings

MIT’s disclosures also referenced a distribution track record, noting that INR 1,902.92 million was paid to unitholders during the fiscal year.

The trust also reported that a board meeting held on February 11, 2026 approved unaudited standalone and consolidated financial information for Q3FY26 and the nine months ended December 31, 2025. During the same meeting cycle, MIT stated the board approved the re-appointment of Ms. Seema Gupta as an Independent Director for a second five-year term starting March 31, 2026, subject to member approval.

Key facts at a glance

Why the approvals matter for governance

MIT’s postal ballot outcome formalises unitholder consent for a control-change event at the Investment Manager level. The trust’s disclosure is explicit that the Investment Manager will no longer be a subsidiary of Maple Highways Pte. Ltd. after MAIF 4’s acquisition.

Separately, the planned EGM on June 15, 2026 indicates that unitholders will also be asked to decide on a transaction that could result in MAIF 4 acquiring more than 25% of MIT’s units. Taken together, these events represent a concentrated period of governance and ownership actions for the trust.

What to track next

The next dated event in MIT’s disclosures is the EGM scheduled for June 15, 2026, with remote voting running from June 11 to June 15, 2026. Investors tracking MIT will likely watch for the outcome of that unit acquisition proposal and any subsequent filings that reflect post-transaction ownership and governance structures.