CDPQ's 37.5% of Maple Infrastructure Trust passes to Macquarie's MAIF 4 — and control of the trust's managers changes the same day

After the close on Friday, September 11, the manager of Maple Infrastructure Trust — the road-assets InvIT formerly known as Indian Highway Concessions Trust — filed a package of completions that had been in the works for months. In continuation of intimations dated December 25, 2025, February 23, 2026 and March 30, 2026, the board of the Investment Manager took on record the transfer of stakes in the trust's two operating entities and, separately, the transfer of 37.50% of the trust's units from sponsor-group entity CDPQ Infrastructures Asia III Inc. to MAIF 4 Investments India 2 Pte. Ltd. The filing describes MAIF 4 as an investment vehicle of Macquarie Asia-Pacific Infrastructure Fund 4, managed by Macquarie Asset Management.

The post-transfer arithmetic is stated in the filing itself. The Investment Manager is now held 42.50% by Maple Highways (and its affiliate), 42.50% by MAIF 4, with 360 One Alternates Asset Management Limited continuing to hold 15%. The Project Manager is held 40% each by Maple Highways (and its affiliate) and MAIF 4, with the Investment Manager continuing to hold 20%. Neither entity is a subsidiary of Maple Highways any longer — the filing's words are that each transfer resulted in change in control.

The disclosed consideration works out to about ₹152.4 per unit — roughly 5% above ₹145, the last recorded close on the exchange (September 8). That last close puts the trust's market value near ₹6,884 crore, so the block that changed hands is consistent with 37.50% of the trust changing hands at a modest premium to the screen price. The filings do not state how the price was arrived at, and with the unit trading as thinly as it does, the screen price itself rests on very small volumes.

The board changes landed in the same filing. Three additional directors joined the Investment Manager's board with effect from September 11: Abhimanyu Diwan and Prateek Jhawar as non-executive, non-independent directors, and Akhilesh Kumar Srivastava as an independent director for three years, to September 10, 2029. Louis-Marie St-Maurice resigned as a non-executive director the same day, and the board approved amendments to the trust's insider-trading policy. The filing does not say whom the new directors represent; the timing — the day the 42.50% stake in the Investment Manager completed — is the context the reader has.

The Sponsor & Sponsor Group block on the ballot — 35,45,79,900 units — is 75% of the trust's units, which is why the outcome was never in doubt once that block voted in favour; the scrutinizer's table records the sponsor as not interested in the resolution. This vote also sits on top of a separate debt approval from August: the Investment Manager's InvIT Committee approved on August 17 the availing of financial assistance through the issuance of up to 70,000 debentures, and an August 28 intimation describes debentures of ₹1,00,000 face value each, aggregating ₹700 crore. Between the debenture programme and the newly approved Axis Bank line, the trust's liability side is being actively rebuilt just as its ownership settles.

Only eight sessions printed in the last sixty trading days, several on volumes of just 25,000 units, and the entire 52-week range spans ₹140.82 (June 30) to ₹145.00 (September 8). Both September filings reached the exchange after market hours — the board outcome at 20:03 IST on Friday the 11th, the PIT disclosure and ballot results on Saturday the 12th — and no session has been recorded since. There is, as yet, no traded reaction to any of this; the first prints after September 8 will be the market's first mark on the new ownership.