IL&FS Transportation to raise Rs1,000 crore1 min read . Updated: 22 Jul 2014, 06:48 PM IST
The company says that funds will be raised through the QIP route or through convertible bonds, subject to the market regulations
Mumbai: IL&FS Transportation Networks Ltd said on Tuesday that its board had approved a plan to raise Rs1,000 crore.
IL&FS Transportation, a unit of Infrastructure Leasing and Financial Services Ltd (IL&FS), is one of the largest BOT (Build-Operate-Transfer) road asset owner in India with approximately 13,100 lane km in its portfolio. The firm also has a presence in metro rail, city bus services and border check-posts.
In a filing to the BSE, the firm said that funds will be raised through the qualified institutional placements (QIP) route or through convertible bonds, subject to the market regulations.
The company’s plans to raise funds come at a time when several firms are looking to reduce debt by raising money through share sales. Since June, firms like Reliance Communications Ltd, GMR Infrastructure Ltd and Jaiprakash Associates Ltd have raised a total of Rs3,777 crore through QIPs.