IL&FS Transportation inks agreement with Ramky Infrastructure

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

In a regulatory filing, IL&FS Transportation Networks said, “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.”

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 said further.

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

Image Credit :stz.india.com

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