Ten banks, led by Bank of India (BoI), have received Rs 3.34 billion from the toll collections accumulated by the Pune Sholapur Road Development (PSRDCL), which was previously owned by IL&FS. An additional Rs 870 million is expected to be disbursed as part of a restructuring agreement with the new owners, Roadstar Infra Investment Trust (Invit), according to a source familiar with the transaction. The asset, transferred to Roadstar last year, has been reclassified as a standard asset under the restructuring plan. This plan includes extending the loan period from 2027 to 2032 and issuing non-convertible debentures payable over the next 20 years. The source indicated that the distribution to lenders occurred earlier this month, with all lenders receiving their respective shares. An additional Rs 870 million is anticipated to be transferred by Roadstar in the coming days, making the total upfront payment to lenders Rs 4.21 billion. Banks are expected to recognize gains from this deal in the quarter ending September. BoI did not respond to an email requesting comment. Other lenders to PSRDCL include Punjab National Bank, Indian Overseas Bank, UCO Bank, Bank of Baroda, Indian Bank, Canara Bank, Bank of Maharashtra, Union Bank of India, and Punjab & Sind Bank. The restructuring deal was approved by lenders in September of the previous year, following IL&FS's transfer of PSRDCL to Roadstar in May. However, procedural delays arose due to some lenders requiring approval from the National Highways Authority of India (NHAI) and a re-vote because the new loan tenure extended beyond the project's original period. The source noted that while the deal had been long-awaited, issues such as the loan period exceeding the concession agreement with NHAI by eight months had to be resolved. Roadstar agreed to make an additional Rs 870 million payment to address this concern. During the finalisation of the restructuring plan, lenders reassessed the project's repayment capacity, factoring in post-COVID traffic conditions on the highway. With the road operational, the company?s debt burden was deemed manageable.