IL&FS Transportation Networks on Monday entered into a share purchase agreement with Axis Trustee Services to transfer 85.50 per cent of the paid-up capital (or 18.95 crore shares) of its arm Moradabad Bareilly Expressway for an initial consideration of ₹373.58 crore.

Disclosure to exchanges

In a disclosure to the stock exchanges, the company said Axis Trustee Services has been appointed as the trustee of Roadstar Investment Infra 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.

The sale is expected to be completed b y December 31.

Shares of IL &FS Transportation Networks slipped 2.4 per cent at ₹4 on the NSE.