ITNL opened higher on acquiring stake in Chinese co

BSE 24 May 12 | 12:00 AM

172.50		7.8 (4.74%)
Mkt Price (Rs)		Chg Rs (Chg %)

Code: 533177

Face Value: N.A.

NSE 24 May 12 | 12:00 AM

172.75		7.55 (4.57%)
Mkt Price (Rs)		Chg Rs (Chg %)

Code: IL&FSTRANS

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1 Week	:	Rs	163.30	(5.63%)
1 Month	:	Rs	190.70	(-9.54%)
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ITNL opened higher on acquiring stake in Chinese co

SI Reporter / Mumbai 12 Dec 11 | 09:40 AM

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IL&FS Transportation Networks (ITNL) has opened higher by 3% to Rs 172 on acquiring stake in a state-owned Chinese enterprise. The landmark deal is estimated at $150 million (approx Rs 782 crore).

“The company said that it was selected as a preferred bidder by Chongqing Expressway Group (CFG) and Chongqing State Owned Assets Supervision and Administration
Commission of Chongqing (SASAC) for acquisition or 49% equity stake in 58 Kms Yu He Expressway Company Limited connecting downtown Chongqing with Hechuan county in Chongqing, China having toll concession rights till June 2032,"ITNL said in a filing to the stock exchanges.

“CEG, SASAC and ITNL has entered into an agreement at Chongqing on December 9, 2011 for acquiring 49% stake held by SASAC," it added.

Around 1,000 shares changed hands on the counter on both the exchanges on opening deals.