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New Delhi: IL&FS Transportation Networks Ltd said it has sold 49% equity stake in Rapid MetroRail Gurgaon Ltd for Rs 509.9 crore. It did not disclose the name of the buyer in a filing to the Bombay Stock Exchange.
“IL&FS Transportation Networks Ltd has informed BSE that the Company along with its subsidiary has sold 49% equity stake in Rapid MetroRail Gurgaon Limited, a subsidiary of the Company at a price of Rs. 17 per share for an aggregate consideration of Rs. 509.90 Crs,” it said.
Rapid MetroRail Gurgaon is the world’s first private metro network. It had started as a JV between IL&FS and DLF but the real estate firm later exited. The first phase of the rapid metro was built around an office district called Cyber City in Gurgaon which is entirely owned by DLF.
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On Thursday, IL&FS Transportation Networks reported a 23.25% rise in its consolidated net profit at Rs 159.07 crore for the quarter ended December 31, 2015 compared to Rs 129.06 crore a year ago. Its total income increased 14.96% to Rs 2,339.47 crore from Rs 2,034.92 crore a year ago.
Shares of IL&FS Transportation Networks closed at Rs 70.40 on Thursday on BSE, down 2.7%.