ITNL sells additional 15 per cent in Gujarat road project to Macquarie

IL&FS Transportation Networks Limited (ITNL) has signed a definitive agreement with MAIF Investments India Private Limited for the sale of 8,313,800 equity shares of Rs 10 each held in Gujarat Road and Infrastructure Company Limited (GRICL) (representing 15 per cent of GRICL’s paid-up equity capital), at an aggregate consideration of Rs 1.09 billion. Upon closure of the deal, MAIF will hold 56.8 per cent of GRICL’s equity capital whereby ITNL will cease to have management control but will continue to hold equity shares representing 26.8 per cent of the paid-up equity share capital. The entire consideration will be received after receipt of the necessary approvals and fulfilment of certain precedent conditions.