IL&FS Transportation Networks (ITNL) today said it plans to raise upto Rs 550 crore through a rights issue, the timing and size of which, will be decided later.
The Mumbai-based firm, which is the largest owner of BOT roads, said its Board, at a meeting earlier in the day, has approved the proposal for issue of equity shares of the face value of Rs 10 each to the existing shareholders of the company on a rights basis.
"Upto Rs 550 crore was approved subject to all applicable statutory and regulatory approvals," ITNL, which is a subsidiary of Infrastructure Leasing and Financial Services Limited (IL&FS), said in a BSE filing.
Shares of the company were trading at Rs 110 apiece, down 2.27%, during the afternoon trade at BSE.
"The terms and conditions of the rights issue including the rights entitlement ratio, the issue price, issue size, record date, timing of the issue and other matters shall be decided in consultation with the Lead Managers to the Rights Issue," it added.
