The two firms have executed a binding term sheet whereby Sadbhav would sell 103,99,500 equity shares of Rs 10 each held in Mumbai Nasik Expressway constituting 19.99 per cent of the share capital to GIPL, the company said in a BSE filing.
"In terms of the term sheet, the company is in the process of transferring its shares in MNEL to SIPL. Definitive agreements are proposed to be executed in this regard," it added.
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