The new Board of IL&FS proposes to list Roadstar Infra Investment Trust (IL&FS InvIT) after completion of transfers of all planned road Special Purpose Vehicles (SPVs).

The valuation of the InvIT, post transfer of nine SPVs, is expected to be around ₹13,000 crore and will address a total debt of over ₹6,800 crore across these SPVs.

IL&FS said it has completed transfer of two more road SPVs — Hazaribagh Ranchi Expressway Ltd (HREL) and Thiruvananthapuram Road Development Company Ltd (TRDCL) — to Roadstar InvIT at Enterprise Value (EV) of ₹979 crore.

With this, the InvIT now has a total of four Road SPVs at an aggregate EV of ₹5,274 crore.

Roadstar InvIT already has two assets — Moradabad Bareilly Expressway Ltd (MBEL) and Sikar Bikaner Highway Ltd (SBHL) — under its fold that were transferred at an EV of ₹4,295 crore earlier this year.

Referring to the transfer of HREL and TRDCL, IL&FS said Senior Secured lenders of the both the assets with a combined debt of over ₹630 crore will achieve 100-per cent recovery through restructuring of their debt under InvIT.

Some of the Senior Secured lenders of these two projects include : Punjab National Bank, Union Bank, Indian Overseas Bank, Deutsche Bank AG, JP Morgan and L&T Infra Credit.

Group Creditors (IFIN, ITNL, IL&FS) will receive InvIT units as settlement of their dues, which will subsequently be transferred to the lenders of the group creditors as a resolution of their debt.

IL&FS said Senior Secured lenders of MBEL and SBHL include Bank of Baroda, Punjab National Bank, Indian Bank, Bank of India, L&T Finance Limited that achieved 100 per cent recovery through restructuring their debt upon transfer to Invit.