IL&FS deal to sell Jorabat Shillong Expressway Limited is expected to close on October 31, 2023.
| Photo Credit: Reuters
The scam hit IL&FS Transportation Networks Limited said it has entered into a Restated Share Purchase Agreement (SPA) on October 19, 2023 with Sekura Roads Private Limited to sell and transfer the entire equity shareholding held by it in Jorabat Shillong Expressway Limited (JSEL), its wholly owned subsidiary, for a consideration of ₹1,343 crore (subject to adjustments in accordance with the terms of the SPA) towards settlement of liabilities of JSEL aggregating ₹1,621 crore and ₹1/- towards equity value.
“Further, all the liabilities of JSEL has been adjusted against the Enterprise Valuation of ₹1,343 crore,” the company said in a filing.
In FY 2017-18, the total revenue of Jorabat Shillong Expressway Limited was ₹380.03crore (including other income) which is 3.89% of the consolidated revenue of ₹9,778.92 crore of IL&FS Transportation Networks during that year.
“Since the consolidated financials for the previous financial year are not available due to surfacing of the scam and related issues, the information is provided for FY 2017-18,” the company said. The deal is expected to close on October 31, 2023.