Debt-ridden IL&FS Transportation Networks has offloaded its entire stake in Moradabad-Bareilly Expressway Ltd. to its recently formed infrastructure investment trust Roadstar Infrastructure Investment Trust. With this, Moradabad Bareilly Expressway Ltd has become the first asset of Roadstar InvIT, promoted by IL&FS Transportation Networks Ltd.
This is the first of many road assets that the proposed to be acquired by its investment fund in different phases, the company said in a statement.
The transportation major has received the final call in the form of 5,91,04,536 units of Rs 100 apiece by its investment fund and transferred the shares of the expressway to Roadstar on 24 December.
The company is paving the way for the resolution of about Rs 2.85 lakh crore worth of bad loans.
Earlier the company also announced, Roadstar Infra Investment Trust will get hold of five road projects under Phase I – Barwa Adda Expressway, Baleshwar-Kharagpur Expressway, Sikar-Bikaner Highway, East Hyderabad Expressway and Jharkhand Road Projects Implementation Company.
These road projects will be transferred to its investment arm with an aggregate valuation of Rs 9214 crore.