IL&FS Transportation Networks has signed definitive agreements with Ramky Infrastructure (Ramky). The agreements is for sale of entire equity stake viz. 11,67,50,000 Equity shares of Rs 10 each representing 50% held in NAM Expressway and for acquiring 4,20,00,000 Equity shares of Rs 10 each representing 50% held in Jorabat Shillong Expressway (JSEL). JSEL will now be a wholly owned subsidiary of the company.
The net consideration receivable from the said transaction will be Rs 43.20 crore based on the valuation obtained from an Independent Valuer and is not a related party transaction.
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.
