IL&FS to sell 15% residual stake in Roadstar InvIT

New Delhi: Debt-ridden Infrastructure Leasing & Financial Services has decided to sell its entire 15 per cent residual stake in Roadstar Infra Investment Trust (InvIT) to reduce liabilities.

Infrastructure Leasing & Financial Services (IL&FS) has appointed Axis Bank to scout for potential buyers for its 15.1 per cent stake in Roadstar InvIT. “Sale of IL&FS’ 15 per cent stake in Roadstar InvIT forms an important part of the Group’s resolution initiative and approved framework. We would be taking steps in this direction - including appointing consultants and intermediaries - in due course,” an IL&FS Group spokesperson said.

In March this year, IL&FS had listed the Roadstar Infra Investment Trust units on NSE as a part of its debt restructuring. Roadstar Infra Investment Trust, sponsored by Roadstar Infra, was established with the objective of owning, operating and investing in infrastructure projects in India, directly or indirectly, and is registered under the InvIT Regulations. Roadstar Infra Investment Trust, through its Project Special Purpose Vehicles, together has 6 road assets under its portfolio, aggregating to 685.16 kms, located across 6 states in India -- Moradabad Bareilly Expressway Ltd, Sikar Bikaner Highway Ltd, Pune Sholapur Road Development Company Ltd, Barwa Adda Expressway Ltd, Thiruvananthapuram Road Development Company Ltd and Hazaribagh Ranchi Expressway Ltd.