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IL&FS Transportation Networks Ltd sells stake in SPV to Ramky Infra

Posted On: 2018-08-17 11:59:39

IL&FS Transportation Networks Ltd has signed definitive agreements on August 16, 2018 with Ramky Infrastructure Limited ('Ramky') for:

- sale of entire equity stake viz. 11,67,50,000 Equity shares of Rs. 10 each representing 50% held in NAM Expressway Limited and

- acquiring 4,20,00,000 Equity shares of Rs. 10 each representing 50% held in Jorabat Shillong Expressway Limited (JSEL). JSEL will now be a wholly owned subsidiary of the Company

The net consideration receivable from the above transaction will be Rs. 43.20 Crore based on the valuation obtained from an Independent Valuer and is not a related party transaction.

Shares of IL&FS Transportation Networks Ltd was last trading in BSE at Rs.33 as compared to the previous close of Rs. 34.3. The total number of shares traded during the day was 95378 in over 782 trades.

The stock hit an intraday high of Rs. 35.1 and intraday low of 32.6. The net turnover during the day was Rs. 3210858.


Source: Equity Bulls

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