Debt-Ridden IL&FS Sells Stake in Roadstar InvIT to Reduce Liabilities

Debt-ridden Infrastructure Leasing & Financial Services (IL&FS) is set to sell its 15% stake in Roadstar Infra Investment Trust (InvIT) to cut liabilities. Axis Bank has been tasked to find potential buyers. This sale is crucial for IL&FS's resolution initiative following its debt restructuring efforts.

Infrastructure Leasing & Financial Services (IL&FS), struggling under massive debt, has announced plans to sell its entire 15% stake in Roadstar Infra Investment Trust (InvIT) as a step to mitigate its financial liabilities.

IL&FS has engaged Axis Bank to identify possible buyers for its stake, marking a significant move in the company's ongoing resolution initiative. This follows the previous listing of Roadstar InvIT units on NSE as part of a comprehensive debt restructuring strategy.

Roadstar Infra Investment Trust, established to manage infrastructure projects across India, has a significant portfolio that includes six road asset projects totaling 685.16 kms spread across six states. Most assets operate under the National Highway Authority of India's framework, ensuring robust operational backing.

(With inputs from agencies.)