IL&FS Transportation seeks Sebi nod for Rs 525 cr rights issue
Quotes

IL&FS Transportation seeks Sebi nod for Rs 525 cr rights issue

Last Updated: Friday, November 08, 2013, 14:44
 
 Comment 0
 
IL&FS Transportation seeks Sebi nod for Rs 525 cr rights issue
Mumbai: IL&FS Transportation Networks Ltd (ITNL) has sought capital market regulator Sebi's approval to raise up to Rs 525 crore through a rights issue.

Issue of equity shares on a rights basis to its existing equity shareholders would aggregate up to Rs 525 crore, draft letter filed by IL&FS Transportation with Securities and Exchange Board of India (Sebi) showed.

In rights issue, shares are issued to existing investors as per their holding at pre-determined price and ratio.

The city-based firm, which is the largest owner of BOT roads, plans to use the proceeds of the issue for repayment of loan amount and other general corporate purposes.

"Our company proposes to utilise an estimated amount of Rs 500 crore from the net proceeds towards repayment, in full or part, of certain loans availed by our company," IL&FS Transportation, which is a subsidiary of Infrastructure Leasing and Financial Services Limited (IL&FS), said in the draft letter.

"We believe that reducing our indebtedness will result in an enhanced equity base, assist us in maintaining a favourable debt-equity ratio in the near future and enable utilisation of our accruals for further investment in business growth and expansion," it noted.

Axis Capital, CLSA India, SBI Capital Markets and IL&FS Capital Advisors are acting as lead mangers to the proposed issue.

Earlier in September, the company's board had approved the proposal for issue of equity shares of the face value of Rs 10 each to the existing shareholders of the company on a rights basis.



PTI

First Published: Friday, November 08, 2013, 14:44


Comments


comments powered by Disqus
Forbes Best Places for Biz 2014
Forbes Best Places for Biz 2014
Hyundai Elite i20
Hyundai Elite i20
John Kery with Indian Biz Honchos
John Kery with Indian Biz Honchos
Honda Mobilio MPV
Honda Mobilio MPV
Tata Zest first drive review: In pics
Tata Zest first drive review: In pics

Web Wrap
Contact Us : Privacy Policy : Legal Disclaimer
Copyright © Zee Media Corporation Ltd. All rights reserved