Oriental InfraTrust exit price tops June valuations by ₹2.29

Oriental InfraTrust set a Rs 113.00 per-unit exit price, Rs 2.29 above the higher Rs 110.71 June 30, 2026 valuation, after its units recorded nil turnover on NSE during the preceding 240 trading days. The exit offer covers up to 7,532,962 units held by eligible dissenting unitholders.

How does Oriental InfraTrust’s exit price compare with its valuations?

Oriental InfraTrust’s Rs 113.00 exit price exceeds both independently certified June 30, 2026 values. RBSA Valuation Advisors LLP certified net asset value of Rs 110.40 per unit in its August 14, 2026 report, while Kirtane & Pandit, Chartered Accountants certified Rs 110.71 per unit in its November 4, 2026 report.

The Rs 113.00 price is Rs 2.60 above RBSA’s net asset value and Rs 2.29 above Kirtane & Pandit’s value per unit. The two June-based outcomes differed by Rs 0.31 per unit, with Kirtane & Pandit’s figure higher than RBSA’s.

The acquirer and lead manager said they set the Rs 113.00 price using the InvIT’s value per unit, including net asset value, book value and other customary valuation parameters. The Letter of Offer does not disclose the numerical weighting assigned to net asset value, book value or any other input.

The acquirer’s board approved the exit offer on October 31, 2026 and approved the Rs 113.00 exit price on November 4, 2026. The disclosed comparison therefore measures the price against two valuations using the same June 30, 2026 reference date, rather than against a recent quoted market price.

Why were Oriental InfraTrust units infrequently traded?

Oriental InfraTrust units were infrequently traded because NSE recorded nil units traded during the 240 trading days preceding the relevant date. The turnover ratio was 0.00%, below the 10% threshold in the Securities and Exchange Board of India, or SEBI, Master Circular for infrequently traded units.

Praveen Aggarwal & Co., Chartered Accountants issued the turnover certificate on November 4, 2026. It recorded nil turnover, not simply low turnover, in the full 240-trading-day period used for the regulatory test.

Oriental InfraTrust had 583,078,789 outstanding units as of the Letter of Offer date, and its units are listed on NSE under ISIN INE07Z523018. ISIN means International Securities Identification Number, the identifier used for listed securities.

The absence of turnover means the filing does not use a traded-price benchmark from the 240-session period to explain the exit price. Instead, it discloses the two June 30, 2026 valuation reports and the acquirer’s stated consideration of value per unit, book value and other customary parameters.

How large is Oriental InfraTrust’s exit offer?

Oriental InfraTrust’s exit offer covers up to 7,532,962 units, equal to 1.29% of its 583,078,789 outstanding units. At Rs 113.00 per unit, maximum consideration is Rs 85.12 crore if all eligible units are accepted.

The 7,532,962 units are those held by dissenting unitholders on the cut-off date, according to the list supplied by the investment manager to the lead manager. The offer is not subject to a minimum acceptance condition, but the filing permits proportionate acceptance if necessary to preserve the minimum public unitholding required under SEBI InvIT Regulations.

Only dissenting unitholders may tender units held on the cut-off date. The filing defines them as holders who did not vote in favour of, or abstained from voting on, the resolution, regardless of whether they attended the meeting; holders who acquired units after the cut-off date and those who voted in favour cannot participate.

Public unitholding stood at 40.84% on September 30, 2026, compared with 59.16% held by the sponsor and sponsor group. Foreign portfolio investors accounted for 34.20% of total units, bodies corporate classified as foreign bodies held 4.60%, and non-institutional bodies corporate held 2.05%.

What funding and price protections apply to Oriental InfraTrust’s offer?

Oriental InfraTrust’s acquirer must deposit the aggregate offer consideration into an escrow account with ICICI Bank Limited at least two working days before the tendering period opens. The acquirer, lead manager and ICICI Bank signed the escrow agreement on November 4, 2026.

Praveen Aggarwal & Co. certified on November 4, 2026 that the acquirer had adequate and firm financial resources through verifiable means to meet the offer obligations. Based on that certification, the lead manager said firm arrangements were in place, although the Letter of Offer does not state the balance then held in escrow.

The Rs 113.00 exit price must be revised to the highest price paid or payable if the acquirer acquires or agrees to acquire units at a higher price between the relevant date and payment to accepted dissenting unitholders. A price revision requires a corresponding increase in the escrow amount before the revised price takes effect.

A further protection applies for 26 weeks after the tendering period. If the acquirer or persons acting in concert make a higher-priced qualifying acquisition during that time, they must pay the difference to accepted dissenting unitholders within 60 days; the filing excludes another InvIT exit option or offer and ordinary-course, non-negotiated open-market purchases.

When can Oriental InfraTrust unitholders tender eligible units?

Oriental InfraTrust’s tendering period is scheduled to run for five working days, opening on Wednesday, November 11, 2026 and closing on Tuesday, November 17, 2026. Subject to required approvals, the acquirer says it will pay accepted holders within three working days after the final tendering date.

Eligible holders must tender dematerialised units through their selling broker using NSE’s acquisition window. Nuvama Wealth and Investment Limited is the buying broker, and the filing states a trading lot of 7,532,962 units while also allowing dissenting unitholders to tender all or part of their cut-off-date holding.

A tender is a binding agreement and cannot be withdrawn during the five-working-day tendering period or afterwards. Tenders must be unconditional and complete, while units must be fully paid, free of liens and encumbrances, and tendered with attached rights, including distribution rights.

Non-resident dissenting unitholders, including non-resident Indians and foreign portfolio investors, must complete the Form of Acceptance and provide required approvals. The filing says any required statutory approval not submitted with the tender can lead to rejection, even though no additional statutory approvals were required from the acquirer as of the Letter of Offer date.

Conclusion

Oriental InfraTrust’s Rs 113.00 exit price is above both disclosed June 30, 2026 valuation results, by Rs 2.29 to Rs 2.60 per unit. With nil NSE turnover in the relevant 240-session period, the disclosed basis for the price is the two valuation exercises and the acquirer and lead manager’s stated use of net asset value, book value and customary valuation parameters.

The next scheduled event is the November 11 to November 17, 2026 tendering period for up to 7,532,962 eligible units. Unitholders can watch for any higher-priced qualifying acquisition before payment or during the following 26 weeks, because either event may require an upward price adjustment under the terms disclosed in the Letter of Offer.