IL&FS Transportation gets Rs 110 cr payment via 15% stake sale

IL&FS Transportation Networks today said it has received payment worth Rs 110 crore from sale of its 15 per cent stake in Gujarat Road and Infrastructure Company.
Gujarat Road and Infrastructure Company is a special purpose vehicle and the stake has been purchased by MAIF Investments India Pte Ltd.
The deal to sell 15 per cent stake was announced by IL&FS Transportation Networks last month.
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.

The company has also transferred the aforementioned equity shares in favour of MAIF, the filing said.

IL&FS Transportation had last month said that it has entered into a pact with MAIF Investment to divest stake in SPV Gujarat Road and Infrastructure Company.
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.
The entire consideration will be received upon receipt of necessary approval and fulfillment of certain conditions precedent, it said.