IL&FS Transportation Networks has signed an agreement with Paranjape Group, a renowned group engaged in real estate development in Mumbai, Pune and other Metros (including development of SEZ) for transfer of its entire equity stake comprising of 20,00,000 Equity shares of Rs 10 each in RLHL, a subsidiary of the company having ownership of certain land parcels.
In consideration for the aforesaid transfer, the company is being issued Preference Shares worth Rs 150 crore by the project SPV. The equity stake of the SPV will be held by Paranjape Group and the company in the 2:1 ratio respectively. The transaction does not fall under the related party transactions nor is RLHL, a material subsidiary of the company.
IL&FS Transportation Networks is an India-based surface transportation infrastructure company. The company is a developer, operator and facilitator of surface transportation infrastructure projects, taking projects from conceptualization through commissioning to operations and maintenance under public to private partnership on build-operate-transfer (BOT) basis.
