IL&FS Transportation to sell APEL for Rs 140 cr

Updated - January 17, 2018 at 05:54 PM.

ilfs

IL&FS Transportation Networks today said it has signed a pact to sell its entire stake in Andhra Pradesh Expressway to Singapore-based Cube Highways & Infrastructure Pte Ltd for Rs 140.37 crore.

“The company has entered into a share purchase agreement on August 24 with Cube Highways & Infrastructure Pte Ltd, a company incorporated in Singapore, for sale of its entire equity stake in Andhra Pradesh Expressway Ltd (APEL) for an aggregate value of Rs 140.37 crore,” IL&FS Transportation Networks said in a BSE filing.

It further said: “The completion of transaction and receipt of consideration is contingent upon fulfilment of certain conditions, approval from all concerned authorities and creditors of APEL.”

Shares of IL&FS Transportation Networks were trading at Rs 72.20 apiece, up 3.07 per cent, from their previous close on the BSE.

Published on August 25, 2016 08:30