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IL&FS Transportation nudges higher after raising funds

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Capital Market

IL&FS Transportation Networks gained 1.26% to Rs 112.75 at 15:00 IST on BSE after the company said its committee of directors approved allotment of debentures aggregating to Rs 750 crore on a private placement basis.

The announcement was made on Tuesday, 4 April 2017, when the stock markets were shut on account of local holiday.

Meanwhile, the S&P BSE Sensex was up 61.40 points, or 0.21%, to 29,971.62. The S&P BSE Mid-Cap index was up 71.72 points, or 0.51%, to 14,261.41.

On the BSE, 1.16 lakh shares were traded in the counter so far, compared with average daily volume of 1.35 lakh shares in the past one quarter. The stock had hit a high of Rs 113.90 and a low of Rs 111.60 so far during the day.

 

The stock had hit a 52-week high of Rs 124.80 on 12 January 2017. The stock had hit a 52-week low of Rs 65.85 on 19 August 2016. The stock had outperformed the market over the past one month till 3 April 2017, gaining 11.29% compared with the Sensex's 3.74% rise. The scrip had, however, underperformed the market over the past one quarter, rising 0.04% as against the Sensex's 12.26% rise.

The mid-cap company has equity capital of Rs 328.96 crore. Face value per share is Rs 10.

IL&FS Transportation Networks said that the committee of directors approved on 31 March 2017, the allotment of 7,500 rated, listed, redeemable, non-convertible debentures of the face value of Rs 10 lakh each aggregating to Rs 750 crore on a private placement basis.

Separately, IL&FS Transportation on the same day announced the commencement of commercial operation of Metro Link from Sikenderpur to Sector 56 in Gurgaon, Haryana.

Rapid MetroRail Gurgaon Extension project awarded by The Haryana Urban Development Authority to a consortium of IL&FS Transportation Networks and its subsidiary IL&FS Rail for developing the 6.5 kilometers rail Metro Link Extension from Sikenderpur to Sector 56 in Gurgaon, Haryana on a design, build, finance, operate and transfer basis commenced commercial operation from 31 March 2017.

The project has a concession period of 98 years and allows the concessionaire to collect and appropriate fare and non fare revenue from the project during concession period.

IL&FS Transportation Networks reported net profit of Rs 55.66 crore in Q3 December 2016 as against net loss of Rs 19.42 crore in Q3 December 2015. Net sales dropped 23.8% to Rs 763 crore in Q3 December 2016 over Q3 December 2015.

IL&FS Transportation Networks has grown into the largest BOT (build, operate and transfer) road assets owner in India.

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First Published: Apr 05 2017 | 2:57 PM IST

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