IL&FS Transportation Networks today said it has signed a pact to sell its entire stake in Andhra Pradesh Expressway to Singapore-based Cube Highways & Infrastructure Pte Ltd for Rs 140.37 crore.
"The company has entered into a share purchase agreement on August 24 with Cube Highways & Infrastructure Pte Ltd, a company incorporated in Singapore, for sale of its entire equity stake in Andhra Pradesh Expressway Ltd (APEL) for an aggregate value of Rs 140.37 crore," IL&FS Transportation Networks said in a BSE filing.
It further said: "The completion of transaction and receipt of consideration is contingent upon fulfillment of certain conditions, approval from all concerned authorities and creditors of APEL."
Shares of IL&FS Transportation Networks were trading at Rs 72.20 apiece, up 3.07 per cent, from their previous close on the BSE.
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