IRB Infra's board approves sale of IPATRL for Rs 1,569 cr

IRB Infrastructure today said a committee of its board of directors has given nod for sale of special purpose vehicle IPATRL to IRB InvIT Fund for Rs 1,569 crore.
"The InvIT committee of the Board of Directors of the company at its meeting held today, has approved the proposed sale of IRB Pathankot Amritsar Toll Road Ltd (IPATRL) to the IRB InvIT Fund (the Trust) for an enterprise value of Rs 1,569.33 crore," the company said in a regulatory filing.
It said the enterprise value was arrived at after negotiations, valuation and due diligence exercise conducted by the investment manager of the trust.

IPATRL is a SPV to implement the 102.4-km expansion of the Pathankot-Amritsar road (NH-15) on design, build, finance, operate and transfer basis, under a 20-year concession.
IRB Infrastructure-sponsored IRB InvIT Fund today reported revenue of Rs 151 crore for the April-June quarter.