IL&FS Transportation Networks (ITNL) has opened higher by 3% to Rs 172 on acquiring stake in a state-owned Chinese enterprise. The landmark deal is estimated at $150 million (approx Rs 782 crore).
“The company said that it was selected as a preferred bidder by Chongqing Expressway Group (CFG) and Chongqing State Owned Assets Supervision and Administration Commission of Chongqing (SASAC) for acquisition or 49% equity stake in 58 Kms Yu He Expressway Company Limited connecting downtown Chongqing with Hechuan county in Chongqing, China having toll concession rights till June 2032,"ITNL said in a filing to the stock exchanges.
“CEG, SASAC and ITNL has entered into an agreement at Chongqing on December 9, 2011 for acquiring 49% stake held by SASAC," it added.
Around 1,000 shares changed hands on the counter on both the exchanges on opening deals.
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