Logistics

IL&FS Transportation signs pact with Ramky Infrastructure

PTI New Delhi | Updated on August 17, 2018 Published on August 17, 2018

IL&FS Transportation Networks has signed definitive agreements with Ramky Infrastructure to acquire and sell stake in two special purpose vehicles.

IL&FS Transportation Networks has signed definitive agreements with Ramky Infrastructure to acquire and sell stake in two special purpose vehicles (SPVs).

The company has signed definitive agreements with Ramky Infrastructure for the sale of entire equity stake of 11,67,50,000 shares.. representing 50 per cent held in NAM Expressway, IL&FS Transportation Networks said in a regulatory filing today.

The agreement is also for acquiring 4,20,00,000 equity shares... representing 50 per cent held in Jorabat Shillong Expressway Ltd (JSEL).

“The net consideration receivable from the above transaction will be Rs 43.20 crore based on the valuation obtained from an independent valuer,” it added.

“JSEL will now be a wholly-owned subsidiary of the company,” IL&FS Transportation Networks said.

Shares of IL&FS Transportation Networks were trading higher by 8.03 per cent at Rs 35.65 on the BSE.

Published on August 17, 2018
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