M&A

M&A

IL&FS Transportation Networks sells subsidiary Sikar Bikaner Highways for Rs.375-Cr

Business Line  

Infrastructure company IL&FS Transportation Networks has entered into a share purchase agreement with Axis Trustee Services (as the trustee of Roadstar Infra Investment Trust) and others to sell 100% equity of Sikar Bikaner Highways, a wholly-owned subsidiary of the company, for INR 375 crore. The proceeds will be received in the form of units of the trust. In addition, IL&FS Transportation Networks has assigned its debts owed to Sikar Bikaner Highways of INR 207.81 crore by executing a deed of assignment with Axis Trustee Services against which a consideration to the equivalent amount is to be received in the form of units of the trust.