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Sep 17, 2013, 10.54 AM IST | Source: Moneycontrol.com

IL&FS Transportation Networks committee approves right issue

At the meeting of the Committee of the Board of Directors of IL&FS Transportation Networks held on September 17, 2013, 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 up to Rs 550 crore was approved subject to all applicable statutory and regulatory approvals.

IL&FS Transportation Networks Ltd has informed BSE that at the meeting of the Committee of the Board of Directors of the Company held on September 17, 2013, the proposal for issue of equity shares of the face value of Rs. 10/- each of the Company to the existing shareholders of the Company on a rights basis ("Rights Issue ) upto Rs. 550 Crores was approved subject to all applicable statutory and regulatory approvals.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.Source : BSE

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