IL&FS Transportation Networks has entered into share purchase agreement (SPA) with Axis Trustee Services for sale of equity shares held in Moradabad Bareilly Expressway for the initial consideration of Rs 373.58 crore.
In addition to the above, IL&FS Transportation Networks has also assigned debts owned by Moradabad Bareilly Expressway to the company amounting to Rs 14.3 crore by executing a Deed of Assignment (DoA) with Axis Trustee Services and assigning such debts to the Trust against which a consideration of an equivalent amount is to be received in the form of units of the trust subject to certain adjustments. The final consideration amount to be received from the Trust will be intimated at a later date before closing the transaction.
IL&FS Transportation Networks is an established surface transportation infrastructure company and is one of the largest private sector BOT road operators in India.
