IL&FS Transportation Networks Limited has announced the execution of a Share Purchase Agreement (SPA) for the sale of its 100% equity stake in Barwa Adda Expressway Limited (BAEL) to Roadstar Infra Investment Trust. The deal, completed on October 11, 2024, involves the transfer of 24.35 crore equity shares of BAEL for a nominal consideration of ₹1, as the equity value after deducting all liabilities results in a Nil equity value.
Additionally, IL&FS has agreed to assign receivables amounting to ₹1,302.93 crore owed by BAEL to the Trust. The receivables assignment, executed through a Deed of Assignment, involves a consideration of ₹545.56 crore, payable partly in cash and partly in units of the Trust.
The sale is set to be completed by October 31, 2024. This transaction is in compliance with SEBI Listing Regulations and has been conducted at arm’s length following independent valuation.