IL&FS Transportation Networks Ltd to acquire equity investments from Elsamex SA & its Group companiesAs part of internal restructuring exercise, IL&FS Transportation Networks Ltd has decided to acquire all the equity investments held by Elsamex SA & its Group companies, in their Indian subsidiaries.
The company has entered into Share Purchase Agreements (SPA) dated December 15, 2016 with Elsamex SA and its group companies for purchase of 100% equity stake held in India viz., Elsamex Maintenance Services Limited, Elsamex India Private Limited, Yala Construction Company Private Limited and Grusamar India Limited, at an aggregate consideration of Rs. 140.95 crores.
The completion of the transaction and payment of consideration is contingent upon receipt of necessary approvals and fulfillment of certain conditions precedent. The transaction fall within the ambit of related party transactions and the same has been carried out at arm's length basis based on the valuation reports obtained from the independent valuers.
Shares of IL&FS Transportation Networks Ltd was last trading in BSE at Rs.102.55 as compared to the previous close of Rs. 101.1. The total number of shares traded during the day was 103848 in over 1231 trades.
The stock hit an intraday high of Rs. 103.5 and intraday low of 99.5. The net turnover during the day was Rs. 10621665.