IL&FS Transportation hits upper circuit as parent firm initiates divestment

Shares of IL&FS Transportation Networks (ITNL) hit upper circuit limit of 5 per cent to Rs 11.55 on Tuesday after the Infrastructure Leasing and Financial Services (IL&FS) board said it has initiated the process to explore divestment of the group’s interest in road assets and business.

“In order to ascertain market interest, and to examine feasibility of maximisation of value in an orderly and transparent manner, the IL&FS Board, acting on behalf of its relevant subsidiaries including IL&FS Transportation Networks (ITNL), has today initiated the process of exploring the divestment of the IL&FS Group’s equity stake/interest in road businesses or an