Hazaribagh Ranchi Expressway Limited (HREL) and Thiruvananthapuram Road Development Company Limited (TRDCL) both transferred to Roadstar Infra Investment Trust ('InvIT') at Enterprise value of Rs 979 crore.
Senior Secured lenders of the both the assets—HREL and TRDCL—with combined debt of over Rs 630 crore will achieve 100 per cent recovery through restructuring of their debt under InvIT.
Some of the Senior Secured lenders of these two projects include: Punjab National Bank, Union Bank, Indian Overseas Bank, Deutsche Bank AG, JP Morgan and L&T Infra Credit.
Group Creditors (IFIN, ITNL, IL&FS) are to receive InvIT units as settlement of their dues, which will subsequently be transferred to the lenders of the group creditors as a resolution of their debt.
The Board had approved the transfer of these two assets under InvIT earlier this month.
Roadstar InvIT already has two assets—Moradabad Bareilly Expressway Limited (MBEL) and Sikar Bikaner Highway Limited (SBHL)—under its fold that were transferred at an EV of Rs 4,295 crore earlier this year.
IL&FS InVit now has a total of four Road SPVs at an aggregate EV of Rs 5,274 crore.
Senior Secured lenders of MBEL and SBHL include Bank of Baroda, Punjab National Bank, Indian Bank, Bank of India, L&T Finance Limited that achieved 100 per cent recovery through restructuring their debt upon transfer to InvIT.
The cumulative Enterprise value of these four assets transferred to the InvIT till date stands is Rs 5,274 crore.
HREL is a BOT Annuity projects involving 4 laning of over 73 km of Hazaribagh- Ranchi stretch of NH33 in the states of Jharkhand with concession up to FY2028.
TRDCL is a BOT Annuity project involving Improvement of 43 km of city road in Thiruvananthapuram, Kerala, with concession up to FY2032.
The total of 9 road SPVs are expected to be transferred to InvIT as per the resolution framework.
The valuation of the Invit, post transfer of these SPVs, is expected to be around Rs 13,000 crore and will address total debt of over Rs 6,800 across these nine SPVs.
The new Board proposes to list the InvIT after completion of transfers of all planned road SPVs.
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