IL&FS has received approval from the National Company Law Tribunal (NCLT) to move six road projects to an Infrastructure Investment Trust (InvIT). The projects will be transferred to the InvIT at an aggregate valuation of Rs 9,214 crore, determined by an independent valuer appointed following the InvIT regulations of the Securities and Exchange Board of India (Sebi).

The six road projects are Barwa Adda Expressway Limited, Baleshwar Kharagpur Expressway Limited, Sikar Bikaner Highway Limited, East Hyderabad Expressway Limited, Moradabad Bareilly Expressway Limited and Jharkhand Road Projects Implementation Company Limited will be transferred to the newly formed Roadstar Infra Investment Trust under its InvIT phase I, based on approvals from the authority and lenders.

• GK Energy Rallies on Rs 235.92 Crore Solar Pump Order
• Cupid Hits Fresh 52-Week High on Rs 128 Crore Block Deal
• Ather Energy Slips Despite $200 Million Fundraise Buzz
• Shyam Metalics Slips Even as Q1 Volumes Surge
• Unihealth Hospitals Shares Hit 5% Upper Circuit on Plans to Raise Stake 

The Rs 9,214 crore valuation presents a significantly improved recovery for creditors of these SPVs and group companies that have provided debt to these SPVs, the company said.