IL&FS in deal to transfer first road asset to InvIT for over Rs 370 crore
The IL&FS Group has entered into a share purchase agreement with Axis Trustees Services Ltd for sale and transfer of its entire holding in Moradabad Bareilly Expressway Ltd for Rs 373.59 crore. The sale marks the transfer of the first road asset to a recently-formed IL&FS InvIT, Roadstar Infra Investment Trust. Axis Trustees Services Ltd had been appointed as the trustee of the InvIT. IL&FS has also assigned debt of about Rs 14.34 crore held by its subsidiary IL&FS Transportation Networks Ltd in Moradabad Bareilly Expressway Ltd to the new InvIT.