Indian law firm S&R Associates has advised Infrastructure Leasing & Financial Services subsidiary Roadstar Infra Investment Trust, its sponsor Roadstar Infra and Roadstar Investment Managers in the listing of 455.4 million InvIT units at a valuation of approximately $980 million.
The banker to the deal, Axis Capital, was represented by Cyril Amarchand Mangaldas.
The listing marks a significant milestone in IL&FS's debt resolution process and follows an interim distribution of $605 million to creditors, comprising $423.5 million of InvIT units and $181.5 million in cash. This unit distribution by IL&FS Transportation Networks and certain other IL&FS group entities to their respective creditors is part of the broader debt resolution framework approved by the National Company Law Appellate Tribunal.
With this development, IL&FS has now discharged $5.2 billion of debt, representing 70 percent of its total debt resolution target of $7.38 billion in what has been described as India's biggest financial crisis.
The S&R team was led by partners Sudip Mahapatra and Swapneil Akut, and included associates Ishan Seth, Anushka Rungta and Ritik Mohapatra. Head of competition practice Simran Dhir, partner Akshat Kulshrestha, and associate Sehaj Mahajan advised on competition law matters.
Roadstar Infra Investment Trust, through its Project SPVs, together has six road assets under its portfolio, aggregating to 685.16 km, located across six states in India.
"The successful listing of IL&FS InvIT represents an innovative resolution option that was chosen and completed by the new Board, thereby ensuring efficient resolution while maximizing returns for our road assets.," Nand Kishore, chairman and managing director, IL&FS Group, said in a statement.
Danny Samuel, chief executive officer of Roadstar Investment Managers, added, "The successful listing of IL&FS InvIT on NSE represents a significant milestone in resolving a large portion of the IL&FS debt. Following the listing, the Trust will offer a new platform for risk-averse investors interested in the alternative investment sector."
