Sadbhav Infrastructure Project Ltd said in the press note that it has received approval from Ahmedabad Urban Development Authority (AUDA) regarding the transfer of 100% stake of Ahmedabad Ring Road Infrastructure Limited (ARRIL), a wholly-owned subsidiary Company from Sadbhav Infrastructure Project Limited ('SIPL') to Indinfravit Trust ('Indinfravit') and refinancing of existing debts of ARRIL subject to fulfilment of certain conditions.
The company has signed definitive agreements with Indinfravit on July 1, 2019, to sell 100% stake in nine operational projects for an enterprise value of Rs66.1 bn (including equity value of Rs25.5 bn). Sales consideration of Rs25.5 bn shall split into units (10% units of Indinfravit) and Rs19 bn in cash, Sadbhav Infrastructure said.
Additional upsides from car revenues from ARRIL, proceeds of awards/claims from the transaction assets shall flow to SIPL over and above sale consideration value stated above, it added.
Sadbhav Infrastructure Projects Ltd is currently trading at Rs15.20 down by Rs1 or 6.17% from its previous closing of Rs16.20 on the BSE.