IL&FS has completed the transfer of its fifth road asset – Pune Sholapur Road Development Company Limited (PSRDCL) – to Roadstar Infra Investment Trust (InvIT) at a cost of Rs 20 billion, as part its debt resolution strategy. With this transfer, secured lenders of this asset will get full recovery of their dues under the trust while the group lenders will be issued InvIT units as settlements for their loans.
The four road assets have already been transferred to the InvIT structure include the Moradabad Bareilly Expressway Limited (MBEL), Sikar Bikaner Highway Limited (SBHL), Hazaribagh Ranchi Expressway Limited (HREL) and Thiruvananthapuram Road Development Company Limited (TRDCL).
The total enterprise value of the trust, with these five assets, now stands at around Rs 73 billion.
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