IL&FS Transportation Network, a part of the IL&FS Group, said it had entered into a share purchase agreement with Axis Trustee Services, whose subsidiary Moradabad Bareilly Expressway Limited’s 85.50% of the paid-up capital for ₹373.58 crore was transferred for the initial consideration. To be modified as units of the trust subject to certain adjustments.
Axis Trustee Services is a trustee of Roadstar Infra Investment Trust.
The company has also assigned outstanding debt of ₹14.34 crore on Moradabad Bareilly Expressway by executing an assignment of assignment with Axis Trustee Services, it said in a filing. In FY18, the revenue of the expressway company was ₹300.16 crore.
The sale is expected to be completed by December 31, 2021.