IL&FS Transportation sells 15% stake in Gujarat Road and Infrastructure Company
IL&FS Transportation Networks has received payment worth Rs 110 crore from sale of its 15 per cent stake in Gujarat Road and Infrastructure Company, as per reports.
Gujarat Road and Infrastructure Company is a special purpose vehicle and the stake has been purchased by MAIF Investments India Pte Ltd.
In a filing to the BSE, the company said MAIF today remitted Rs 109.78 crore as part of purchase of 15 per cent stake in Gujarat Road and Infrastructure Company.
"MAIF Investments India Pte has on June 15, 2016 remitted the consideration of Rs 109,78,68,850/- towards sale of 83,13,800 equity shares of Rs 10 each by the Company in Gujarat Road and Infrastructure Company Limited representing 15% of paid up equity capital of GRICL," IL&FS Transportation Networks said.
MAIF will hold 56.8 per cent of the equity capital of GRICL and IL&FS Transportation will cease to have management control of GRICL but will continue to hold equity shares representing 26.8 per cent of the paid up equity share capital of GRICL, it said upon closure of the deal.