IL&FS InvIT gets first road asset, acquires Moradabad-Bareilly Expressway

IL&FS Infrastructure Investment Trust ( IL&FS InvIT) has commenced business with acquisition of first road asset -- Moradabad-Bareilly Expressway Ltd.

The final consideration for sale of shares is Rs 576.77 crore and adjusted final consideration for assignment of receivables is Rs 14.26 crore.

This transaction is based on final valuation and adjustments as stated in the Share Purchase Agreement (SPA).

IL&FS Transportation Networks Ltd, in a stock exchange filing, said the company has received the final consideration in the form of 59.04 million units of Rs 100 each issued by the InvIT and Rs 59 in cash and transferred the shares of MBEL to the account of Roadstar (InvIT) on December 24, 2021.

The company had executed of Share Purchase Agreement (SPA) and Deed of Assignment (DOA) with Roadstar Infra Investment Trust (InvIT) on December 6, 2021 for sale of 189.51 million equity shares representing 85.50% of the paid-up capital of Moradabad Bareilly Expressway Limited (MBEL) and Assignment of Receivables of Rs 14.34 crore to the InvIT in lieu of units to be issued by the InvIT to the Company.

This is the first of many road assets proposed to be acquired by the Invit in different phases.

Key management of IL&FS InvIT already in place after due approvals received earlier this year, the company said.