IL&FS deal to sell Jorabat Shillong Expressway Limited is anticipated to shut on October 31, 2023.
| Photo Credit: Reuters
The rip-off hit IL&FS Transportation Networks Limited stated it has entered right into a Restated Share Purchase Agreement (SPA) on October 19, 2023 with Sekura Roads Private Limited to sell and switch your complete equity shareholding held by it in Jorabat Shillong Expressway Limited (JSEL), its wholly owned subsidiary, for a consideration of ₹1,343 crore (topic to changes in accordance with the phrases of the SPA) in direction of settlement of liabilities of JSEL aggregating ₹1,621 crore and ₹1/- in direction of equity value.
“Further, all the liabilities of JSEL has been adjusted against the Enterprise Valuation of ₹1,343 crore,” the corporate stated in a submitting.
In FY 2017-18, the whole income of Jorabat Shillong Expressway Limited was ₹380.03crore (together with different earnings) which is 3.89% of the consolidated income of ₹9,778.92 crore of IL&FS Transportation Networks throughout that 12 months.
“Since the consolidated financials for the previous financial year are not available due to surfacing of the scam and related issues, the information is provided for FY 2017-18,” the corporate stated. The deal is anticipated to shut on October 31, 2023.
