New Delhi, Dec 11 : Infrastructure Leasing and Financial Services (IL&FS) group company IL&FS Transportation Network Ltd (ITNL) on Friday entered into a share purchase agreement with Sekura Roads Ltd to sell and transfer the entire equity shareholding held by the company in Jorabat Shillong Expressway Ltd (JSEL).
JSEL is a wholly-owned subsidiary of ITNL. It has been classified as an amber company, or those companies that would not be able to meet their obligations but can meet only operational payment obligations to senior secured financial creditors.
Sekura Roads is backed by Edelweiss Infrastructure Yield Plus, an infrastructure category-I alternative investment fund.
ITNL, in a statement posted on BSE, said that the transaction is subject to receipt of approvals from the National Company Law Tribunal and the National Highways Authority of India.
Sekura had bid Rs 916 crore for the 100 per cent stake in JSEL and its bid emerged as the highest and was ratified by the committee of creditors (CoC) of ITNL and JSEL earlier.
On completion, the transaction will address over Rs 1,600 crore of IL&FS debt.
JSEL is a four-lane highway from Jorabat to Shillong on NH-40, which connects Shillong, Mizoram and Tripura with Guwahati. Sale of road assets is part of the IL&FS board’s strategy to resolve over Rs 99,000 crore outstanding debt.
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