December 16, 2022 | |
General Manager | Vice President |
Listing Department | Listing Department |
BSE Limited, | National Stock Exchange of India Limited |
P.J. Tower, Dalal Street, | 'Exchange Plaza', Bandra Kurla Complex, |
Mumbai 400 001 | Bandra (East), Mumbai - 400 051 |
Scrip Code No: 533177 | Scrip Code No: IL&FSTRANS EQ |
Dear Sir/Madam, |
Sub: Intimation of transfer of equity stake held in Thiruvananthapuram Road Development Company Limited (TRDCL), a joint venture of the Company
Ref.: Our letter dated December 7, 2022 intimating the execution of Share Purchase Agreement for sale of equity stake in TRDCL
This refers to our letter dated December 7, 2022 intimating the execution of Share Purchase Agreement ("SPA") on December 6, 2022 with Axis Trustee Services Limited (as the Trustee of Roadstar Infra Investment Trust ("the Trust")) to sell and transfer 1,70,30,000 equity shares representing 50% of the paid-up capital of Thiruvananthapuram Road Development Company Limited, a joint venture of the Company for a consideration of Re. 1/- since the Equity Value of TRDCL after deducting all liabilities from the enterprise value as of cut-off date translates to Nil equity value.
Pursuant to the completion/waiver of all the Condition Precedents, the transactions have been consummated and the Company has transferred the entire shareholding as stated herein above held in TRDCL to the Trust upon receipt of the consideration amount stated therein.
Further, please note that the Company has also assigned its Receivables owed by TRDCL amounting to INR 139,55,30,017 to Roadstar Infra Investment Trust ("the Trust") pursuant to the Deed of Assignment executed with Axis Trustee Services Limited (as the Trustees) on December 6, 2022 at a consideration of Rs. 40,01,70,570 paid in the form of 37,53,445 units of the Trust aggregating to a value of Rs. 37,53,44,500 and Rs. 87 in cash after adjusting auto debit of Rs 2,48,25,983
Consequent to the above actions, TRDCL has ceased to be the joint venture of the Company effective today.
The details of sale as required under Regulation 30 of the SEBI Listing Regulations read with SEBI circular No. CIR/CFD/CMD/4/2015 dated September 9, 2015 is attached herewith as Annexure A.
This is for your information and records.
Thanking you,
Yours faithfully,
For IL&FS Transportation Networks Limited
KRISHNA DHONDU GHAG
Digitally signed by KRISHNA DHONDU GHAG Date: 2022.12.16 20:47:38 +05'30'
Krishna Ghag
Vice President & Company Secretary
FCS-4489
Annexure A
Sale or disposal of unit(s) or division(s) or subsidiary of the listed entity.
Sr. | Particulars | Description | ||||||||
No. | ||||||||||
1. | The amount and percentage of the | In FY 2017-18, the total revenue of | ||||||||
turnover or revenue or income and net | Thiruvananthapuram | Road | ||||||||
worth contributed by such unit or | Development Company | Limited | ||||||||
division of the listed entity during the | was Rs. 21.80 Crore, which is 0.22 | |||||||||
last financial year; | % of the Consolidated Revenue of | |||||||||
Rs. 9,778.92 Crore of the Company | ||||||||||
during that year. | ||||||||||
Since the consolidated financials for | ||||||||||
the previous financial year are not | ||||||||||
available, | the | information | is | |||||||
provided for FY 2017-18. | ||||||||||
2. | Date on which the agreement for sale | December 6, 2022 | ||||||||
has been entered into | ||||||||||
3. | The date of completion of sale/disposal | December 16, 2022 | ||||||||
4. | Consideration | received | from | (i) | Re.: 1/- | in cash | for equity | |||
sale/disposal of (i) equity shares and | shares | |||||||||
(ii) assignment of debt | (ii) | Rs. | 40,01,70,570/- | for | ||||||
assignment | of | debt | (paid | |||||||
in the form of 37,53,445 | ||||||||||
units | of | the | Trust | |||||||
aggregating | to | Rs. | ||||||||
37,53,44,500/- | and | cash | ||||||||
of Rs. 87/- after adjusting | ||||||||||
auto | debit | of | Rs | |||||||
2,48,25,983) | ||||||||||
5. | Brief details of buyers and whether any | Roadstar | Infra | Investment | Trust | |||||
of the buyers belong to the promoter/ | ("the Trust") is registered with SEBI | |||||||||
promoter group/group companies. If | under | SEBI | (Infrastructure | |||||||
yes, details thereof; | Investment Trust) Regulations. Axis | |||||||||
Trustee Services Limited has been | ||||||||||
appointed as the Trustee of the | ||||||||||
Trust. | ||||||||||
6. | Whether the | transaction would | fall | The transaction does not fall within | ||||||
within related | party transactions? If | the related party. However, the same |
yes, whether the same is done at "arm's | has been done at arm's length basis | ||
length" | with valuation carried out by | ||
Independent Valuers. | |||
7. | Additionally, in case of | a slump | Not Applicable |
sale, indicative disclosures | provided | ||
for amalgamation/merger, | shall be | ||
disclosed by the listed entity with | |||
respect to such slump sale. |
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IL&FS Transportation Networks Ltd. published this content on 17 December 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 16 December 2022 20:02:06 UTC.