Cube Highways, backed by global private equity fund I Squared Capital and Abu Dhabi Investment Authority (ADIA), is close to signing an agreement with IL&FS to purchase its seven toll road projects with an enterprise value of around Rs 20,000 crore, three people with direct knowledge of the deal said.
The sale, which is in the final stages, will give the beleaguered IL&FS much needed liquidity of Rs 6,000 crore-Rs 8,000 crore by way of equity returns to repay some of the loansthat faced defaults due to a funds crunch. IL&FS, with 348 companies under its umbrella, has a debt of Rs 91,000 crore.
“The deal includes debt of around Rs12,000-14,000 crore and rest will go towards equity of the seven operational toll projects,” one of the persons quoted above said. Read More
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