IL&FS Transportation Networks is planning to raise up to Rs 1,000 crore to augment its long-term resources and would seek shareholders’ approval for the proposal. The issue would be subject to shareholders’ nod in its Annual General Meeting (AGM) scheduled for August 26 and the prevailing market conditions and other relevant considerations.
The company intends to deploy the net proceeds from the issue post payment of related fees and expenses for augmenting long-term finance for funding growth and capital expenditure, capital requirement of its arms or JVs, working capital requirement and general corporate purpose.
IL&FS Transportation Networks has been involved in the development, operation and maintenance of national and state highways, roads (including urban roads), flyovers and bridges in Andhra Pradesh, Delhi, Gujarat, Maharashtra, Karnataka, Uttar Pradesh, Kerala, Jharkhand and Rajasthan.
