IL&FS Transportation Networks Limited arm gets compensation of Rs. 707 crores from NHAI

Fagne Songadh Expressway Limited (FSEL), a subsidiary of IL&FS Transportation Networks Limited had undertaken the development of Fagne-MAH/Guj Border section of National Highway No. 6 in the States of Gujarat and Maharashtra ("the Project"). FSEL had entered into a Settlement Agreement with National Highways Authority of India (NHAI) on February 19, 2021 for foreclosure of the Project at a compensation of Rs. 707 Crores pursuant to the discussions held through the Conciliation Committee of Independent Experts appointed by NHAI subject receipt of necessary approvals.

Pursuant to the above and obtaining of requisite approvals, FSEL has received the compensation amount on March 9, 2021 and handed over the Project to NHAI.

Shares of IL&FS Transportation Networks Ltd was last trading in BSE at Rs.2.28 as compared to the previous close of Rs. 2.18. The total number of shares traded during the day was 185959 in over 71 trades.

The stock hit an intraday high of Rs. 2.28 and intraday low of 2.15. The net turnover during the day was Rs. 421314.

Source : Equity Bulls

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