ILFS Transportation inks SPA with Axis Trustee for transfer of shares held in a subsidiary

IL&FS Transportation Networks Ltd on Monday said it has entered into share purchase agreement with Axis Trustee Services for sale of equity shares held in Moradabad Bareilly Expressway Ltd for the initial consideration of Rs 373.58 crore.

''The company has today entered into a share purchase agreement (SPA) with Axis Trustee Services Ltd (as the trustee of Roadstar Infra Investment Trust (the Trust)) and others to sell and transfer 18,95,19,309 equity shares, representing 85.50 per cent of the paid-up capital of Moradabad Bareilly Expressway Ltd, a subsidiary of the company, for the initial consideration of Rs 373,58,94,845 to be received in the form of units of Trust subject to certain adjustments,'' the filing said.

In addition to the above, IL&FS Transportation Networks has also assigned debts owned by Moradabad Bareilly Expressway to the company amounting to Rs 14.3 crore by executing a Deed of Assignment (DoA) with Axis Trustee Services Ltd and assigning such debts to the Trust against which a consideration of an equivalent amount is to be received in the form of units of the trust subject to certain adjustments.

The final consideration amount to be received from the Trust will be intimated at a later date before closing the transaction, it said.

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