IL&FS Transportation Networks to transfer project to Roadstar Infra Investment Trust

IL&FS Transportation Networks Limited has today entered into a Share Purchase Agreement ("SPA") with Axis Trustee Services Limited (as the trustee of Roadstar Infra Investment Trust ("the Trust")) and others to sell and transfer 12,40,50,000 equity shares representing 100% of its paid-up capital of Sikar Bikaner Highways Limited, a wholly owned subsidiary of the Company for a consideration of Rs. 375,49,77,356 to be received in the form of units of the Trust.

In addition to the above, the Company has also assigned its debts owed to Sikar Bikaner Highways Limited of Rs. 207,81,19,081 by executing a Deed of Assignment with Axis Trustee Services Limited against which a consideration to the equivalent amount is to be received in the form of units of the Trust.

In FY 2017-18, the total revenue of Sikar Bikaner Highways Limited was Rs. 54.07 Crore which is 0.55% of the Consolidated Revenue of Rs. 9,778.92 Crore of the Company during that year.

Shares of IL&FS Transportation Networks Ltd was last trading in BSE at Rs. 5.13 as compared to the previous close of Rs. 5.28. The total number of shares traded during the day was 133334 in over 80 trades.

The stock hit an intraday high of Rs. 5.54 and intraday low of 5.02. The net turnover during the day was Rs. 715073.00.

Source : Equity Bulls

Keywords

ILandFSTransportationNetworks INE975G01012 ProjectSale RoadstarInfraInvIT