IL&FS Transportation Networks rose 2.28% to Rs 71.65 at 14:20 IST on BSE after the company announced that it will sell its entire equity stake in Andhra Pradesh Expressway to a Singapore based company.
The announcement was made during market hours today, 25 August 2016.Meanwhile, the BSE Sensex was down 49.53 points, or 0.1%, to 28,010.41.
More than usual volumes were witnessed on the counter. On BSE, so far 1.96 lakh shares were traded in the counter, compared with an average volume of 1 lakh shares in the past one quarter. The stock hit a high of Rs 73.60 and a low of Rs 70.45 so far during the day. The stock hit a 52-week high of Rs 101.64 on 5 October 2015. The stock hit a record low of Rs 64 on 26 February 2016. The stock had underperformed the market over the past one month till 24 August 2016, falling 12.16% compared with 0.92% rise in the Sensex. The scrip had also underperformed the market in past one quarter, gaining 2.64% as against Sensex's 10.88% rise.
The mid-cap company has equity capital of Rs 328.96 crore. Face value per share is Rs 10.
IL&FS Transportation Networks announced that it has entered into share purchase agreement on 24 August 2016 with Cube Highways & Infrastructure Pte. Ltd., a company incorporated in Singapore for sale of its entire equity stake in Andhra Pradesh Expressway Limited (APEL) for an aggregate value of Rs 140.37 crore.
The completion of transaction and receipt of consideration is contingent upon fulfillment of certain conditions, approval from all concerned authorities and creditors of APEL. The transaction does not fall under the related party transactions nor is APEL a material subsidiary of the company.
Meanwhile, shares of IL&FS Transportation also perked up after the Cabinet Committee on Economic Affairs, chaired by the Prime Minister Narendra Modi after market hours yesterday, 24 August 2016, approved development of 1,120 kilometers of National Highways in Karnataka, Odisha, Bihar, Rajasthan and West Bengal.
On a consolidated basis, IL&FS Transportation Networks' net profit rose 3.3% to Rs 80.42 crore on 78.2% rise in net sales to Rs 2547.98 crore in Q4 March 2016 over Q4 March 2015.
IL&FS Transportation Networks has grown into the largest BOT (build, operate and transfer) road assets owner in India.
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