Acquires GRICL Rail Bridge Development Company & Rajasthan Land Holdingsa
IL&FS Transportation Networks announced that:1. The Company has acquired 100% equity stake comprising of 50,000 Equity Shares of Rs. 10 each of GRICL Rail Bridge Development Company (GRBDCL), which has concession rights for development of 8 Railway Over Bridges in the State of Gujarat ("Project") under PPP Mode on Annuity basis from the Roads & Building Department, Government of Gujarat. The Government of Gujarat has approved the aforesaid transaction including transfer of concession rights for development of the Project to be undertaken by the Company. The Company has paid a consideration of Rs. 5,00,000/-. GRBDCL has become a wholly owned subsidiary of the Company effective 31 March 2016.
2. The Company has also acquired 100% equity stake of Rajasthan Land Holdings (RLHL) comprising of 20,00,000 Equity Shares of Rs. 10 each at a price of Rs. 12.50 each for an aggregate consideration of Rs. 2,50,00,000/-. Consequent to the payment of consideration, RLHL has become a wholly owned subsidiary of the Company effective on 31 March 2016.
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