IL&FS Transportation Networks, a part of the IL&FS Group, said it had entered into a share purchase agreement with Axis Trustee Services to transfer 85.50% of the paid-up capital of its subsidiary Moradabad Bareilly Expressway Ltd. for an initial consideration of ₹373.58 crore to be revised in the form of units of the trust subject to certain adjustments.
Axis Trustee Services is the trustee of Roadstar Infra Investment Trust.
The company has also assigned debts owed by Moradabad Bareilly Expressway, amounting to ₹14.34 crore, by executing a deed of assignment with Axis Trustee Services, it said in a filing. In FY18, the expressway company had revenue of ₹300.16 crore.
The sale is expected to be completed by December 31, 2021.