IL&FS Transportation Networks shares hit 5% upper circuit after the company recently 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 agreement, which was completed on October 11, 2024, calls for the transfer of 24.35 crore BAEL equity shares for a nominal consideration of ₹1, as the equity value after deducting all liabilities results in a Nil equity value.
IL&FS has also agreed to assign ₹1,302.93 crore in receivables owed by BAEL to the Trust. The receivables assignment, made through a Deed of Assignment, includes a consideration of ₹545.56 crore, payable partly in cash and partly in units of the Trust.
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