IL&FS Transportation to sell entire stake in AP expressway to S'pore firm for Rs 140 cr

New Delhi: IL&FS Transportation Networks Thursday 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.

Expressway-graphic

"The company has entered into a share purchase agreement on 24 August 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 fulfillment 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 percent, from their previous close on the BSE.

Firstpost is now on WhatsApp. For the latest analysis, commentary and news updates, sign up for our WhatsApp services. Just go to Firstpost.com/Whatsapp and hit the Subscribe button.

Updated Date: Aug 25, 2016 12:51:41 IST

Also See