IL&FS Transportation inks deal with Ramky Infra to acquire and sell stakes in 2 SPVs

IL&FS Transportation Networks today said it has has signed definitive agreements with Ramky Infrastructure to acquire and sell stakes in two special purpose vehicles (SPVs).

The company has signed definitive agreements with Ramky Infrastructure for sale of entire equity stake of 11,67,50,000 shares.. Representing 50 per cent held in NAM Expressway, IL&FS Transportation Networks said in a regulatory filing.

The agreement is also to acquire 4,20,00,000 equity shares... Representing 50 per cent held in Jorabat Shillong Expressway Limited (JSEL), it added.

"The net consideration receivable from the above transaction will be Rs 43.20 crore based on the valuation obtained from an independent valuer," it added.

"JSEL will now be a wholly-owned subsidiary of the company," IL&FS Transportation Networks said.

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Shares of IL&FS Transportation Networks were trading 3.48 per cent higher at Rs 34.15 apiece on BSE.