IL&FS Transportation gains on fund raising

IL&FS Transportation Networks rose 1.89% to Rs 135.10 at 10:17 IST on BSE after the firm approved the allotment of 12.64 crore rated listed fully paid-up cumulative non-convertible compulsorily redeemable preference shares on private placement basis.

The announcement was made after market hours on Tuesday, 24 December 2013.

Meanwhile, the S&P BSE Sensex was up 52.38 points or 0.25% at 21,085.09.

On BSE, so far 5,446 shares were traded in the counter as against average daily volume of 32,543 shares in the past one quarter.

The stock hit a high of Rs 136.50 and a low of Rs 133.05 so far during the day. The stock had hit a 52-week high of Rs 227 on 9 January 2013. The stock had hit a record low of Rs 98.10 on 19 September 2013.

The stock had outperformed the market over the past one month till 24 December 2013, surging 17.5% compared with the Sensex's 4.03% rise. The scrip had also outperformed the market in past one quarter, jumping 24.68% as against Sensex's 5.58% rise.

The mid-cap company has equity capital of Rs 194.27 crore. Face value per share is Rs 10.

IL&FS Transportation Networks (ITNL) said that the Committee of Directors approved the allotment of 12.64 crore rated listed fully paid-up cumulative non-convertible compulsorily redeemable preference shares (CNCRPS) of Rs 10 each at a premium of Rs 10 per share on a private placement basis on Monday, 23 December 2013. The aforesaid CNCRPS were listed on the BSE effective from Tuesday, 24 December 2013. The company had already issued 20 crore unrated, unlisted fully paid up cumulative redeemable preference shares of Rs 10 each at a premium of Rs 10 per share on a private placement basis on 26 September 2013. With the aforesaid allotment the company has issued 32.64 crore preference shares of Rs 10 each as of date, ITNL said.

ITNL's consolidated net profit fell 4% to Rs 111.27 crore on 2.2% decline in net sales to Rs 1340.70 crore in Q2 September 2013 over Q2 September 2012.

ITNL is one of the largest private sector road operators in India. The company is engaged in the development, operation, and maintenance of national and state highways, roads, flyovers and bridges primarily in India.

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