The ₹524.5-crore rights issue of IL&FS Transportation Networks opens for subscription on April 28 and closes on May 12.

The rights issue consists of an issue of 5.24 crore shares at ₹100 each.

Shareholders are eligible to receive 27 shares for every 100 shares held on the record date (March 14).

IL&FS Transportation plans to deploy the net issue proceeds to prepay/repay a total of ₹510 crore loan taken from five banks – J&K Bank (₹50 crore), United Bank (₹100 crore), State Bank of Travancore (₹50 crore), Bank of India (₹110 crore) and Allahabad Bank (₹200 crore).

Axis Bank has been appointed as the monitoring agency to oversee utilisation of net proceeds.

(This article was published on April 25, 2014)
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