IL&FS Transportation Networks Ltd completes sale of MBEL to Roadstar Infra Investment Trust

IL&FS Transportation Networks Limited had earlier announced the execution of Share Purchase Agreement (SPA) and Deed of Assignment (DOA) with Roadstar Infra Investment Trust (InvIT) on December 6, 2021 for sale of 18,95,19,309 equity shares representing 85.50% of the paid-up capital of Moradabad Bareilly Expressway Limited (MBEL) and Assignment of Receivables of Rs 14,34,35,337/- to the InvIT in lieu of units to be issued by the InvIT to the Company.

Based on final valuation and adjustments as stated in the SPA, the final consideration for sale of shares is Rs 5,76,77,90,029/- and adjusted final consideration for assignment of receivables is Rs 14,26,63,630/-

ursuant to completion of all Condition Precedents, the transactions have been closed and the Company has received the final consideration in the form of 5,91,04,536 units of Rs 100/- each issued by the InvIT and Rs 59/- in cash and transferred the shares of MBEL to the account of Roadstar on December 24, 2021 Pursuant to the sale, MBEL has ceased to be the subsidiary of the Company.

In FY 2017-18, the total revenue of Moradabad Bareilly Expressway Limited was Rs. 300.16 Crore which is 3.07% of the Consolidated Revenue of Rs. 9,778.92 Crore of the Company during that year. The consolidated financials for the previous financial years are not available, and the last information available is only for FY 2017-18.

Shares of IL&FS Transportation Networks Ltd was last trading in BSE at Rs. 5.01 as compared to the previous close of Rs. 5.04. The total number of shares traded during the day was 40896 in over 70 trades.

The stock hit an intraday high of Rs. 5.20 and intraday low of 4.79. The net turnover during the day was Rs. 203672.00.

Source : Equity Bulls

Keywords

ILandFSTransportationNetworks SaleofSPV MBEL INE975G01012 RoadstarInfraInvestmentTrust InvIT