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Industry News
Roadstar Infra Investment Trust files DPM with SEBI for listing of InvIT units
Posted On : 2024-04-04 19:59:46( TIMEZONE : IST )
Roadstar Infra Private Limited (RIPL), a wholly owned subsidiary of the Company is the Sponsor of the Roadstar Infra Investment Trust ("the Trust") settled on October 6, 2020 and registered under the Securities & Exchange Board of India (Infrastructure Investment Trust) Regulations 2014 ("InvIT Regulations").
The Trust has today filed a Draft Placement Memorandum (DPM) with the Securities & Exchange Board of India for listing of the Units distributed to the Company and certain other IL&FS Group companies as a consideration for acquisition of equity stake in the road project Special Purpose Vehicles (SPVs) including assignment of debts owed by such SPVs to the Company and entities in the IL&FS Group. Over a period of time, the Company has transferred 5 road SPVs having road assets to the Trust which has been intimated to you from time to time. The Company is also in the process of transferring a 6th SPV to the Trust and the same will be intimated to the Stock Exchanges upon completion of such transfer.
Subject to receipt of requisite approvals including SEBI, the Company proposes to distribute the units received by it (excluding the ones which have to be transferred to the Sponsor and mandatorily locked-in as part of the Sponsor holding in accordance with the InvIT Regulations and subject to certain exemptions provided by SEBI) to its eligible creditors in accordance with the directions of the NCLT and NCLAT and in terms of the resolution framework approved for resolution of the IL&FS Group. The listing of the units will take place post the filing of Final Placement Memorandum and is subject to approval by the Stock Exchanges and SEBI.
The net Units available with the Company will be decided upon finalization of the placement memorandum and will be announced to the Stock Exchanges.
The Units issued by the Trust are held by the Company in trust for and on behalf of its creditors.
