IL&FS Transportation Networks Ltd Completes Sale of MBEL to Roadstar Infra Investment Trust

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IL&FS Transportation Networks Limited previously announced the signing of a Share Purchase Agreement (SPA) and Deed of Sale (DOA) with Roadstar Infra Investment Trust (InvIT) on December 6, 2021 for the sale of 18 95 19,309 shares representing 85.50% of the paid-up capital of Moradabad Bareilly Expressway Limited (MBEL) and the assignment of receivables of Rs 14,34,35,337 / – to InvIT instead of units to be issued by InvIT to the society.

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

Following the fulfillment of all the preconditions, the transactions were closed and the Company received the final consideration in the form of 5 91 04 536 units of Rs 100 / – each issued by InvIT and Rs 59 / – in cash and transferred the MBEL shares to the Roadstar account on December 24, 2021 Following the sale, MBEL ceased to be a subsidiary of the Company.

In fiscal year 2017-2018, the total revenue of Moradabad Bareilly Expressway Limited was Rs. 300.16 crore, or 3.07% of the consolidated revenue of Rs. 9,778.92 crore of the company at during this year. The consolidated financial statements for previous years are not available and the latest information available relates only to the 2017-18 financial year.

IL & FS Transportation Networks Ltd shares were last trading in BSE at Rs. 5.01 from the previous close of Rs. 5.04. The total number of shares traded during the day was 40,896 in more than 70 trades.

The action hit an intraday high of Rs. 5.20 and an intraday low of 4.79. The net turnover during the day was Rs. 203,672.00.


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