NCLT Approves IL&FS to Offload Shares in Expressway Project

21 May 2024 CW Team

The National Company Law Tribunal (NCLT) has given the green light to IL&FS Transportation Networks Ltd (ITNL) to transfer its shares in the Moradabad Bareilly Expressway Ltd (MBEL) to the newly formed Roadstar Infra Investment Trust (InvIT). This move involves transferring 3.21 crore equity shares, representing 14.5% of ITNL's stake in MBEL, thus aiding IL&FS in its ongoing debt resolution process.

This approval marks a significant step in IL&FS's efforts to address its substantial debt, as the transfer allows MBEL to start servicing its debt obligations, moving away from the debt servicing moratorium extended to IL&FS Group companies. The transaction is part of a broader strategy by IL&FS to resolve over ?16,000 crore in debt through its InvIT in multiple phases.

The first phase of the InvIT involves the transfer of six road projects: Barwa Adda Expressway, Baleshwar Kharagpur Expressway, Sikar Bikaner Highway, East Hyderabad Expressway, Moradabad Bareilly Expressway, and Jharkhand Road Projects Implementation Company. This phase has been approved by the relevant authorities and lenders, promising improved recovery for creditors.

With a valuation of ?92.14 billion for these projects, the InvIT aims to provide substantial value to initial unit holders, primarily the lenders of the group. State Bank of India, Punjab National Bank, Canara Bank, Bank of India, and Indian Overseas Bank are among the key beneficiaries. The final registration from SEBI has been secured, and all necessary constituents for forming the InvIT are in place, positioning it as a strong player in India's infrastructure sector.

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