IRB Infrastructure Developers has informed the Bombay Stock Exchange (BSE) that in terms of the Subscription Agreement and a Put Option Agreement dated January 30, 2009, Deutsche Bank AG, Mumbai Branch exercised their put option and sold equity holding of 10% in IRB Surat Dahisar Tollway Pvt. Ltd. to IRB Infrastructure Developers at a total consideration of Rs. 67.05 Crores (US$11.9 million).

Thereby, IRB Surat Dahisar Tollway Pvt. Ltd. has become a wholly owned subsidiary of the Company.

The contract involves the six Laning of NH-8 from Surat to Dahisar Section of NH-8 from Km. 263.000 to Km. 502.000 (Length 239.000 KM) in State of Gujarat & Maharashtra to be Executed As BOT (TOLL) on DBFO Pattern under NHDP (Phase - V). The concession term is 12 years and it started on 20 February 2009.

The Canara Bank, Andhra Bank, Indian Overseas Bank, Bank Of India, Bank of Baroda, Indian Bank and Union Bank are the project financiers.

Source: IRB Infrastructure