Shares of debt-laden IL&FS group companies furthered gains for the second day, rising up to 10 per cent Wednesday as the company looks to sell equity stakes in its road assets to raise funds.
Shares of IL&FS Investment Managers jumped 9.97 per cent to hit the upper circuit at Rs 7.72 on the BSE.
Similarly, shares of IL&FS Transportation Networks Ltd (ITNL) and IL&FS Engineering and Construction were locked in at Rs 12.10 and Rs 14.83, respectively after hitting the upper circuit limit on the BSE.
On Monday, Infrastructure Leasing & Financial Services (IL&FS) group, which sits on a debt pile of about Rs 90,000 crore, said it will offload stakes in such assets.
The IL&FS board, acting on behalf of its relevant subsidiaries including ITNL, initiated the process of exploring divestment of IL&FS group's equity stakes in road assets, the group said in a statement.
It will sell assets in seven operating annuity-based road projects in the country aggregating 1,774 lane km, eight operating toll-based projects aggregating about 6,572 lane km and four under construction road projects which would aggregate nearly 1,736 lane km upon completion.
Besides, three other assets and businesses which are EPC and O&M businesses of ITNL and a sports complex in Thiruvananthapuram are also to be monetised.