Pune-Sholapur Road restructuring gives lenders Rs 334 crore
Bank of India (BoI) have received Rs 334 crore from accumulated toll collections of the previously IL&FS-owned Pune Sholapur Road Development Co Ltd (PSRDCL). They are also set to get another Rs 87 crore as part of a restructuring deal with its new owners, Roadstar Infra Investment Trust (Invit), a person aware of the deal said.
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The asset, which was transferred to Roadstar last year, is now upgraded to a standard asset with lenders as part of the restructuring deal that includes elongating the loan tenure to 2032 from the earlier 2027 and issuing some non-convertible debentures payable over the next 20 years.
“The distribution to lenders was made earlier this month and all lenders have got their share. Another Rs 87 crore will be transferred to lenders by Roadstar in the next few days, so the total amount paid to lenders upfront is Rs 421 crore,” the person said. Banks are likely to book gains from this deal in the quarter through September.
BoI did not reply to an email seeking comment. The other lenders to PSRDCL are Punjab National Bank, Indian Overseas Bank, UCO Bank, Bank of Baroda, Indian Bank, Canara Bank, Bank of Maharashtra, Union Bank of India and Punjab & Sind Bank.
The restructuring deal was cleared by lenders in September last year, after IL&FS completed the transfer of PSRDCL to Roadstar in May last year.
But procedural delays like insistence by
