IL&FS Transportation Networks Ltd (ITNL) has entered into a restated share purchase agreement with Sekura Roads Private Ltd, to sell and transfer the entire equity shareholding held by the company in Jorabat Shillong Expressway Ltd (JSEL). The proceeds will be used for settlement of liabilities of JSEL aggregating ₹1,621 crore and ₹1 towards equity value.
The consideration of ₹1,343 crore is the enterprise value of the company and basis the same, the equity value is negative. The consideration for transfer of 100 per cent equity stake is, therefore, a nominal value of ₹1.
In FY2017-18, the total revenue of Jorabat Shillong Expressway Ltd was ₹380.03 crore (including other income) which is 3.89 per cent of ITNL’s consolidated revenue of ₹9,778.92 crore.
Overall, Infrastructure Leasing & Financial Services (IL&FS) has repaid around ₹35,650 crore of its aggregate debt as of September 30, 2023. The repayment has been made through monetisation of assets, auto debits by banks and debt repayment (including interim distribution) across entities.
Additionally, IL&FS Group has concluded interim distributions totalling around ₹10,000 crore across 14 companies, including two vertical holding companies, ITNL and IFIN, and the Group’s central holding company, IL&FS Ltd.
![comment](https://assetsbl.thehindubusinessline.com/theme/images/bl-online/1x1_spacer.png)
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.