IL&FS Transportation Networks has signed definitive agreement with MAIF Investments India (MAIF) for sale of 83,13,800 equity shares of Rs 10 each held in Gujarat Road and Infrastructure Company (GRICL), representing 15% of paid up equity capital of GRICL at an aggregate consideration of Rs 109.78 crore.
Upon closure of the deal, MAIF will hold 56.8% of the equity capital of GRICL whereby the company will cease to have management control of GRICL but will continue to hold equity shares representing 26.8% of the paid up equity share capital of GRICL
The entire consideration will be received upon receipt of necessary approval and fulfillment of certain conditions precedent.
