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

The company has entered into a share purchase agreement on 24 August with Cube Highways & Infrastructure Pte Ltd, a company incorporated in Singapore

PTI August 25, 2016 12:51:41 IST
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.

ILFS Transportation to sell entire stake in AP expressway to Spore firm for Rs 140 cr

"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.

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