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IL&FS Transportation Networks completes sale of MBEL to Roadstar InvIT

The final consideration for sale of shares is Rs5,76,77,90,029/- and adjusted final consideration for assignment of receivables is Rs14,26,63,630/-.

December 27, 2021 9:33 IST | India Infoline News Service
ILFS
IL&FS Transportation Networks Ltd has further informed to the exchanges regarding 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/-.

Pursuant 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 Rs300.16cr which is 3.07% of the Consolidated Revenue of Rs9,778.92cr of the Company during that year. Since the consolidated financials for the previous financial years are not available, the information is provided for FY 2017-18, said company in a regulatory filing.

At around 9:32 AM, IL&FS Transportation was trading at Rs5.10 per piece higher by 1.80% on Sensex.

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