New Delhi: Infrastructure firms NCC Infrastructure and Soma Enterprise are selling their entire stake in Bangalore Elevated Tollway Ltd for Rs 750 crore to a fund operated by IDFC Alternatives.
The development follows a recent government decision to allow infrastructure players to exit highway projects. The two infrastructure companies have entered into a pact with India Infrastructure Fund II, managed by IDFC Alternatives Ltd, to sell their entire stake in the Bangalore Elevated Tollway (BETL). Both the firms hold 38 per cent equity each in BETL.
“As a part of its strategic initiatives to divest the road BOT projects, NCC Infrastructure Holdings (NCCIHL) along with Soma Enterprise (Soma) has executed a share purchase agreement on February 22, 2016 with India Infrastructure Fund II, which is managed by IDFC Alternatives Ltd to sell their respective shareholdings in BETL,” NCC Infrastructure said.
“The divestment entails their full exit from BETL including through sale of preference shares held and repayment of shareholder loans held by both NCCIHL and Soma in BETL,” it said.
IDFC Alternatives is one of India's largest multi-asset class fund managers with assets under management of approximately $3.4 billion.
