IL&FS Transportation Networks Ltd. will sell unit Jorabat Shillong Expressway Ltd. to Sekura Roads Pvt. for Rs 1,343 crore.
The company will divest its entire stake in the wholly owned subsidiary to settle the liabilities of Jorabat Shillong Expressway, aggregating to Rs 1,621 crore, according to an exchange filing on Thursday.
All the liabilities of Jorabat Shillong Expressway have been adjusted against the enterprise value of Rs 1,343 crore.
The sale amount is subject to adjustments in accordance with the terms of the share purchase agreement.
The transaction will be completed by Oct. 31.
Jorabat Shillong Expressway is a joint venture company of IL&FS Transportation Networks and Ramky Infrastructure Ltd., that operates a four-lane highway from Jorabat to Shillong on NH-40. It connects Shillong, Mizoram and Tripura with Guwahati.
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