Sekura Roads highest bidder for ₹1,428-cr IL&FS projects

Edelweiss-backed Sekura Roads has been declared the highest bidder for two IL&FS road projects with a combined bid value of ₹1,428 crore, which would entail a haircut of 22 percent to the lenders. Both the projects, Jharkhand Infrastructure Implementation Company (for bid value of ₹512 crore) and Jorabat Shillong Expressway (bid value of ₹916 crore), have a total debt of ₹1,834 crore. Italy headquartered Autostrade has also won the bid for the Pune Sholapur Road at a bid value of ₹1,404 crore with a haircut of 27 percent to the lenders with a project debt worth ₹1,925 crore. The committee of creditors will vote on these H1 bids shortly. The voting agenda of the IL&FS board suggests that these proposals have got a go-ahead from the IL&FS board and have been sent to the committee of creditors (COC) and a final decision on their approvals is expected very shortly. A letter of intent will be issued to the buyers once the creditors approve the sale.