Interise Trust Begins Unitholder Vote on NHAI Agreement

Interise Trust has started a postal ballot and e-voting process for its unitholders. The vote is essential for approving a proposed amendment to its concession agreement with the National Highway Authority of India (NHAI).

Voting Underway for NHAI Pact Amendment

Interise Trust is conducting a postal ballot and e-voting exercise for its unitholders. This process seeks approval for a significant amendment to the concession agreement that governs its project Special Purpose Vehicle (SPV), Devihalli Hassan Tollway Private Limited.

The proposed amendment with NHAI aims to formalize arrangements for road asset maintenance, the payment structure for additional lanes, and tolling policies for bypasses. These changes could potentially lead to revisions in administrative charges on toll revenues generated from these expanded road sections and new bypasses.

The voting period runs from April 30, 2026, to May 20, 2026. For the resolution to pass, a minimum of 60% of votes cast must be in favour. Results are expected to be declared on or before May 22, 2026.

Why the Vote is Important

This vote is critical because it affects the operational framework and revenue-sharing mechanisms for a key infrastructure asset managed by the SPV. Formalizing these terms with NHAI is expected to provide greater clarity and stability.

Any adjustment in administrative charges could directly impact the net revenue streams for the InvIT, influencing distributions to unitholders.

Background on Interise Trust and the SPV

Interise Trust operates as an Infrastructure Investment Trust (InvIT), primarily managing revenue-generating infrastructure assets such as toll roads. Devihalli Hassan Tollway Private Limited serves as the Special Purpose Vehicle (SPV) responsible for managing the Devihalli-Hassan stretch of National Highway-48.

Amendments to concession agreements with national highway authorities are common in the infrastructure sector. They typically address evolving project scopes, maintenance duties, and tolling strategies, especially when new lanes or bypasses are integrated.

Potential Outcomes of the Vote

• Unitholders will actively participate in governance by casting their votes on the proposed NHAI concession agreement amendment.
• The outcome will determine if the formalized maintenance, payment, and tolling arrangements are implemented.
• A 'Yes' vote means the amendment proceeds, potentially altering administrative charge calculations.
• A 'No' vote could lead to further negotiations with NHAI or continued operations under existing terms.

Key Risks to Monitor

A significant risk is the failure to secure the required 60% unitholder approval. This could result in operational uncertainty or protracted negotiations with NHAI.

Industry Comparisons

Companies like IRB InvIT Fund, an Infrastructure Investment Trust also managing toll roads, frequently involve their unitholders in major operational and asset-related decisions. Similarly, India Grid Trust, while focused on power transmission, utilizes a comparable InvIT governance model that requires unitholder consent for crucial changes.

Relevant Metrics

No specific context metrics were provided in the filing.

Next Steps to Watch

• Monitor unitholder participation and the final voting outcome by the May 22, 2026 deadline.
• Watch for official announcements from Interise Trust regarding the declaration of results.
• Assess the potential financial implications if the amendment is approved, particularly concerning revisions to administrative charges.