Mumbai-based IL&FS Transportation Networks Ltd (ITNL), a transportation infrastructure company, is planning to raise up to Rs 550 crore ($87.4 million) through a rights issue, as per a stock market disclosure.
“The terms and conditions of the rights issue, including the rights entitlement ratio, the issue price, issue size, record date, timing of the issue and other matters, shall be decided in consultation with the lead managers to the rights issue,” the company said in the filing.
Shares of the ITNL last traded at Rs 110.40, down 1.91 per cent in a strong Mumbai market on Tuesday.
Founded in 2000, ITNL, a subsidiary of leading infrastructure developer Infrastructure Leasing & Financial Services Ltd (IL&FS), is engaged in the development of highways, flyovers, bridges and roads in Andhra Pradesh, Delhi, Gujarat, Maharashtra, Karnataka, Uttar Pradesh, Kerala, Jharkhand and Rajasthan.
The firm is backed by several institutional investors including Goldman Sachs and Bessemer Venture Partners besides a joint PE fund run by Standard Chartered and IL&FS PE.
(Edited by Joby Puthuparampil Johnson)