IL&FS Transportation to divest stake in SPV Gujarat Road

IL&FS Transportation today said it has entered into a pact with MAIF Investment to divest stake in SPV Gujarat Road and Infrastructure Company for Rs 109.78 crore.
"We wish to inform that the company has signed definitive agreement today with MAIF Investments India (MAIF) for sale of 83,13,800 equity shares of Rs 10 each held in Gujarat Road and Infrastructure Company Ltd, representing 15 per cent of paid up equity capital of GRICL at an aggregate consideration of Rs 1,097,868,850," IL&FS Transportation said in a BSE filing.
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.
Shares of IL&FS Transportation today closed 1.47 per cent higher at Rs 69.25 apiece on BSE.