IL&FS Transportation Networks has informed that the Company has entered into Share Purchase Agreement on August 24. 2016 with Cube Highways & Infrastructure, a company incorporated in Singapore for sale of its entire equity stake in Andhra Pradesh Expressway Limited (‘APEL’) for an aggregate value of Rs 140.37 Crores. The completion of transaction and receipt of consideration is contingent upon fulfillment of certain conditions, approval from all concerned authorities and creditors of APEL. The transaction does not fall under the related party transactions nor is APEL a material subsidiary of the Company.
The above information is a part of company’s filings submitted to BSE.
