IL&FS Transportation Networks Ltd cancels swiss challenge process for divestment of stake in subsidiaries

IL&FS Transportation Networks Limited ("ITNL") is the promoter of Noida Toll Bridge Company Limited ("NTBCL / the Company") holds 26.37% Equity Shares (4,90,95,007 equity shares of Rs. 10/- each) in NTBCL and 49.00% Equity Shares (24,500 equity shares of Rs. 10/- each) in ITNL Toll Management Services Limited ("ITMSL") - a Subsidiary of NTBCL.

The Company is in receipt of a communication from ITNL, wherein it is stated that the Board of Directors of ITNL at their Meeting held on March 14, 2024 have cancelled the Swiss Challenge Process that was undertaken for divestment of its 100% holding in NTBCL and ITMSL and have approved the divestment of its 100% holding in NTBCL and ITMSL through Public Sale Process.

Accordingly, the Board of Directors of the Company have noted the same and passed necessary resolution in this regard at their Board Meeting held today i.e. March 22, 2024.

Shares of IL&FS Transportation Networks Ltd was last trading in BSE at Rs. 4.15 as compared to the previous close of Rs. 4.17. The total number of shares traded during the day was 38295 in over 32 trades.

The stock hit an intraday high of Rs. 4.15 and intraday low of 4.09. The net turnover during the day was Rs. 157335.00.

Source : Equity Bulls

Keywords

ILandFSTransportationNetworks INE975G01012 SwissChallengeProcess Divestment Cancelled PublicSaleProcess