Infrastructure company IL&FS Transportation Networks today entered into a share purchase agreement with Axis Trustee Services (as the trustee of Roadstar Infra Investment Trust) and others to sell 100 percent equity of Sikar Bikaner Highways, a wholly-owned subsidiary of the company for ₹375 crore.
The proceeds will be received in the form of units of the trust. In addition, IL&FS Transportation Networks has also assigned its debts owed to Sikar Bikaner Highways of ₹207.81 crore by executing a deed of assignment with Axis Trustee Services against which a consideration to the equivalent amount is to be received in the form of units of the trust.
In FY18, the total revenue of Sikar Bikaner Highways was ₹54.07 crore, 0.55 percent of the consolidated revenue of ₹9,778.92 crore of IL&FS Transportation Networks during that year. Since the consolidated financials for the previous financial year are not available, the information is provided for FY18, IL&FS Transportation Networks clarified.